The Fiji National Provident Fund (FNPF) will continue to lobby for the reinstatement of 18 per cent contribution from employers and employees.
During the public submission to the Standing Committee on Social Affairs on Fiji National Provident Fund’s 2022 Annual Report on Thursday, acting chief executive officer Pravinesh Singh said this would be part of their budget submission this year.
“The Government had pledged to increase contribution from 12 per cent to 14 per cent as at January 1, 2023,” he said.
“This was effected on first of January.
“The Government has also committed to restoring the full 18 per cent and we continue to lobby for the full reinstatement and that is also part of our budget submission this year.
“If you may remember, the rates pre-covid were 18 per cent and once we were struck by the pandemic, and due to the situation at that time to assist the employer and the member community, the rates were reduced to 10 per cent- five from employer and five from employee.
“That has gradually been reinstated from the 10 to 14 as I speak today, but it is important that given that FNPF plays a very pivotal role in the Fijian economy, and most of the members, their only savings is at FNPF, and some of them had opted to withdraw during COVID, our humble plea to the government of the day is to seriously consider reinstatement to 18 per cent in the budget that will be presented in the forthcoming months.”
