The latest annual report from the Fiji National Provident Fund (FNPF) reveals a notable increase in the number of Fijians holding balances over $500,000. In 2024, this figure rose to 426 members, up from 366 in 2023. In a remarkable milestone, a member aged between 25 and 34 years has surpassed the $500,000 threshold for the first time.
Interestingly, the number of individuals with zero account balances has decreased by 286 from the previous year, indicating an overall improvement in financial stability among the fund’s members. The FNPF disbursed a total of $474.2 million in 2024, slightly lower than the $476.3 million paid out in 2023. Among these payouts, $194.9 million was designated for retirement, and $73.4 million was for migration purposes.
The report further highlights that approximately 203,692 Fijians have balances up to $5,000, with a notable portion of 70,126 members in the 25-34 age group. Additionally, there are 114,848 members with balances ranging from $5,000 to $20,000, while 1,120 members have balances between $250,000 and $500,000, and 9,426 members fall within the $100,000 to $250,000 range.
The FNPF has also seen an increase in early retirement payouts, rising to $66.3 million in 2024 from $49.4 million in 2023.
This report signifies positive trends in the financial well-being of Fijians, reflecting increasing savings and investment growth through the FNPF. It suggests that more individuals are taking proactive steps in securing their financial futures, particularly the younger populace, who are beginning to accumulate substantial retirement savings early in their careers.
In summary, FNPF’s 2024 report reveals beneficial shifts toward higher savings among Fijians, underscoring a growing trend of financial empowerment that can bode well for the country’s economic landscape.
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