The Fiji National Provident Fund (FNPF) has firmly stated that it will not provide reimbursement to pensioners affected by pension rate cuts resulting from the 2012 reforms. This decision, which impacted more than 6,000 members, was reiterated by FNPF General Manager Alipate Waqairawai during a recent member forum in Labasa.
Waqairawai responded to inquiries about potential compensation, clarifying that the Fund’s stance has already been communicated to the government. He highlighted that current pension payments are funded by the Government, indicating that any further reimbursements would necessitate government involvement.
The 2012 reforms, enacted under the unelected government of former Prime Minister Voreqe Bainimarama, have been criticized for infringing on contract obligations, as noted by economist Dr. Wadan Narsey. He has advocated for a comprehensive review of the FNPF’s governing laws, suggesting that a focus on fairness and accountability is essential for the Fund’s operations.
In a positive turn, the current government has allocated $4 million in the budget for fiscal year 2024-2025 to assist pensioners affected by the 2012 reforms. Deputy Prime Minister and Minister of Finance Biman Prasad announced plans to restore pensions for individuals who opted for reduced rates beginning August 1, 2024. This initiative aims to rectify historical grievances and rebuild trust with pensioners, while also striving for improved financial governance moving forward.
The government’s commitment represents a significant step towards addressing past injustices within Fiji’s pension system, reinforcing the need for transparency and the right of citizens to seek justice regarding their retirement funds. As these changes are set into motion, there is an optimistic outlook that equitable resolutions for affected pensioners are on the horizon.
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