The contribution rate for Fiji National Provident Fund’s compulsory members increases to 14 per cent effective from January 1, 2023.
The previous rate of 12 per cent contribution rate was valid till the end of 2022. FNPF chief executive officer Viliame Vodonaivalu said once the new rate comes into effect, employers and employees would each be paying 7 per cent.
“The gradual reinstatement of the FNPF contribution rate for compulsory members was announced during the National Budget 2022-2023 by the former Minister for Economy and is part of efforts to return to pre-pandemic rate (18 per cent),” he said.
According to the fund in terms of compulsory member contribution it has received $35.5 million a month on average since July 2022.
This is anticipated to increase by $6m per month with the new contribution rate coming in effect this year.
Mr Vodonaivalu said the average count of members contributing for the past five months (July to November 2022) was around 180,000.
Meanwhile the FNPF registered 11,141 new members for its financial year (July 2022 to date) and 432 new employers for the same period.
