The 2024 annual report from the Fiji National Provident Fund (FNPF) indicates a notable increase in the number of Fijians with balances exceeding $500,000. This year, there are 426 members in this high-balance category, up from 366 in 2023. Remarkably, for the first time, a member aged between 25 and 34 years has surpassed the $500,000 mark.
The report also highlights a significant decrease in the number of individuals with zero balance, with 286 fewer members compared to the previous year. In terms of payouts, the FNPF distributed $474.2 million to its members in 2024, slightly down from $476.3 million in 2023. Of this amount, $194.9 million was allocated for retirement, while $73.4 million was for migration.
Additionally, the report reveals that approximately 203,692 Fijians have balances of up to $5,000, with 70,126 in the 25-34 age group. There are also around 114,848 members with balances between $5,000 and $20,000, of which 47,968 are ages 25-34. Furthermore, the report details that 1,120 members have balances between $250,000 and $500,000, while 9,426 have balances ranging from $100,000 to $250,000.
In a year-on-year comparison, the FNPF’s distribution for early retirement increased significantly, with $66.3 million paid out in 2024 compared to $49.4 million in the previous year.
Overall, the report reflects positive trends in savings among Fijians, suggesting an improvement in financial stability and planning for the future. This data can inspire confidence in the FNPF’s initiatives, encouraging even more members to actively manage their retirement savings.
In summary, Fiji is witnessing a positive shift in retirement savings as an increasing number of citizens see significant growth in their Provident Fund balances.
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