58,712 FNPF members have zero balance

A large crowd lines up in front of the FNPF Downtown Boulevard building in Suva for the COVID-19 assistance in May last year. Picture: RAMA/FT FILE

The Fiji National Provident Fund says 58,712 of its members have zero balance in their accounts.

This, according to the FNPF’s 2021 annual report tabled in Parliament on Thursday.

The fund said 7196 members between the ages of 50-54 years had zero balance while 6905 between 45-49 had no money at FNPF.

FNPF said 10,780 members between the ages of 35-44 years had nil balance while 6149 in the age category 25-34 years had no funds in their accounts.

“The issue of zero balance accounts is not unique to the fund,” the FNPF report said.

“Other superannuation funds around the world also carry zero balance accounts in their membership numbers.

“While some key reasons are similar given the nature of operations and as a long-term customer-base institution, other reasons are unique to the fund.

“The fund is exploring a number of policy changes and operation adjustments to address our membership data and reporting.

“This includes the create an inactive account status for accounts with zero balances and with no transaction over a period of time.

“The fund will continue to improve our membership data and hope to present the new classification in future annual reports.”

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