The Fiji National Provident Fund (FNPF) has reported an increase in the number of members with account balances exceeding $500,000 in its 2024 annual report, revealing a rise to 426 members from 366 in the previous year. Notably, for the first time, a Fijian aged between 25 and 34 has joined the ranks of those with a balance exceeding this significant milestone.
Additionally, the report highlights a positive trend in financial stability, with the number of individuals holding zero balance accounts declining by 286 compared to 2023. In terms of payouts, the FNPF distributed $474.2 million to its members in 2024, slightly down from $476.3 million in 2023. This funding included $194.9 million for retirement benefits and $73.4 million for members migrating abroad.
The data also indicates that around 203,692 Fijians maintain account balances up to $5,000, of which 70,126 are in the 25-34 age category. Moreover, there are 114,848 members with balances ranging from $5,000 to $20,000, including 47,968 in the 25–34-year age group. Additionally, 1,120 members have balances between $250,000 and $500,000, while 9,426 individuals fall within the $100,000 to $250,000 bracket.
In a noteworthy increase, the FNPF paid out $66.3 million for early retirements in 2024, a substantial rise from $49.4 million in the previous year.
This report showcases a growing trend of financial empowerment among Fijians, reflecting an overall improvement in economic well-being and the importance of saving for the future.
In summary, the FNPF’s report not only indicates a rise in substantial savings among its members but also reflects a decline in financial vulnerability within the community. With more Fijians achieving higher balances, it demonstrates a hopeful trajectory toward greater financial security and stability.
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