The 2024 annual report from the Fiji National Provident Fund (FNPF) indicates a growth in the number of Fijians with substantial retirement savings. Specifically, there are now 426 members with balances exceeding $500,000, up from 366 in the previous year. Notably, this year marks the first instance of a member aged between 25 and 34 holding such a high balance.
Additionally, the data reveals a positive shift regarding zero balance membership, which has decreased by 286 individuals from 2023 to 2024. The FNPF also distributed $474.2 million to its members this year, slightly down from $476.3 million in 2023, with allocations of $194.9 million for retirement and $73.4 million for migration.
Around 203,692 Fijians have a balance of up to $5,000, with a significant portion, 70,126, in the 25-34 age group. Further emphasizing the diversity in savings, there are 114,848 members within the $5,000-$20,000 range and 1,120 individuals between $250,000 and $500,000.
The report also highlights an increase in early retirement payments, which totaled $66.3 million in 2024 up from $49.4 million in 2023. This trend underscores a growing financial health among Fijian workers and suggests that more individuals are taking proactive steps towards securing their financial futures.
Overall, these figures reflect an upward trend in savings and financial readiness among Fijians, particularly the younger demographic. The FNPF’s efforts may continue to foster a culture of saving for retirement, which is essential for long-term economic stability and individual well-being.
In conclusion, the positive developments showcased in this report highlight the growing financial literacy and planning among Fijians, indicating a more secure future for many.
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