AMENDMENTS to the Fiji National Provident Fund Act aim to improve regulations in response to a changing labour market and better serve older workers and the Fijian diaspora, says Finance Minister Professor Biman Prasad.
While moving the second reading of the 2025-2026 Appropriation Bill in Parliament yesterday, Prof Prasad said the proposed changes would revise FNPF membership rules.
“It will enable individuals who have withdrawn their funds upon reaching 55, those who have migrated and later returned to Fiji, and members who have withdrawn on medical grounds, to rejoin the fund two times,” he said.
“This flexibility will allow them to continue building their lifelong savings.”
He noted that many members withdraw their FNPF funds at age 55 for reasons including debt and business start-ups.
“Many workers, especially those with technical skills, remain active in the workforce beyond 55,” Prof Prasad said.
“The current retirement age of 55 is lower than international nal standards, which we changed to 60, and most countries range from 60 to even 70 years.
“So that is certainly the main rationale for this amendment, and it’s aligned with the announcements in the
Budget with respect to supporting our people, making sure they are able to secure income funding in the retirement that we own.”
Opposition MP Jone Usamate suggested a Parliamentary committee to review the Bill.
“It is a fairly simple amendment, but I think ideally there’s an opportunity for us here, even under Section 51, if it was referred quickly to committee, to do their own sort of review and talk to members that it could come back in the next sitting of Parliament,”Mr Usamate said.
Prof Prasad responded that the amendment was straightforward.
“That’s the simple change that we have, so I don’t see any problem in getting through this,” he said.
The Bill will be debated on Friday.
