CANE farmers can now voluntarily contribute to their Fiji National Provident Fund (FNPF) accounts through deductions from their cane proceeds.
This follows the signing of a memorandum of understanding (MoU) between the Fund and the Sugar Cane Growers Fund (SCGF) in Suva earlier this week.
SCGF chief executive officer Raj Sharma said this was an important milestone for the SCGF, having introduced a scheme specifically designed to encourage their growers to build special savings for their future.
“It is to be noted out of our 4301 SCGF customers, 1248 (29 per cent) are already members of FNPF. This scheme will assist the growers to save, getting them highest returns,” Mr Sharma said.
He said the farmer would choose on the payment frequency and amount, and could be in all cane payments or specific ones.
“In the event the growers do not have sufficient funds, it would be processed in the next payment. The scheme is only applicable to growers whose accounts are not in default.”
FNPF general manager Member Services Alipate Waqairawai said the collaboration aligned with the Fund’s mandate of helping Fijians accumulate retirement savings and providing financial support after retirement.
He said the employment landscape had evolved significantly, and “we’re now seeing more people working as farmers, small business owners, entrepreneurs and self-employed, and the Fund was adapting to those changes by expanding pathways for voluntary membership and savings.”
“The partnership we are formalising today is, therefore, very important. It represents critical milestone not only for both organisations but also for the national agenda to strengthen savings and financial literacy,” Mr Waqairawai said.
“Through their willingness to participate in the voluntary membership scheme, these growers are demonstrating a long-term vision when it comes to financial security and retirement planning.”
Meanwhile, Mr Sharma also acknowledged the funding provided by the United National Capital Development Fund (UNCDF) – the first phase of the project being for savings, social security and insurance will be rolled out at the end of the month with the next cane payment.
The second phase, he said was an overdraft facility for growers, and planned mid of the year.
