The Fiji National Provident Fund (FNPF) has announced significant achievements for the financial year ending June 30, 2024, reporting a growth in total assets from $9.5 billion to $10.6 billion. This increase marks a robust 11.6 percent growth, attributed to strategic investments and the forging of new partnerships by the Fund.
The FNPF’s net return on investment rose to 8.5 percent, allowing the organization to declare an 8 percent crediting rate and distribute $572.4 million in interest to its members in July. Chief Executive Viliame Vodonaivalu emphasized that these results demonstrate the Fund’s commitment to enhancing performance and ensuring the financial security of its members.
Total member funds climbed to $8.1 billion, reflecting a year-on-year increase of 12.5 percent, driven by higher contribution collections. Vodonaivalu noted that despite facing challenges such as the rising cost of living and limited job opportunities, the Fund managed to grow its asset base significantly through successful investments.
Additional highlights from the fiscal year include a consistent interest rate of 8 percent, resulting in a total of $2.3 billion paid in interest to members over the past six years. The contribution rate was reinstated to 18 percent in January 2024, reinforcing support for retirement savings. Moreover, total contributions reached $779.8 million against withdrawals of $456.6 million, signaling a return to pre-pandemic financial trends.
In a push to further enhance member benefits, the FNPF has implemented initiatives such as extending membership to infants, introducing a Gift Card initiative for voluntary savings, and pursuing partnerships with international jurisdictions to allow Fijians abroad to maintain their contributions. In the 2024 financial year, the Fund welcomed 28,703 new members and managed 13,575 exits through entitlement withdrawals.
Looking ahead, the FNPF will present its 2024 Annual Report to members in early 2025, following its tabling in parliament on December 6. This positive growth trajectory not only underscores the Fund’s resilience but also highlights its dedication to the financial well-being of Fiji’s workforce.
This progress is hopeful, as the emphasis on strategic growth and member-centric approaches lays a solid foundation for the future, ensuring that each FNPF member can look forward to a more secure financial future.
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