The Fiji National Provident Fund (FNPF) serves as a cornerstone of Fiji’s financial framework, safeguarding the savings of every working citizen. It is imperative that the rights of pensioners remain unaltered and protected.
The funds collected are disbursed to contributors in accordance with their contributions and regulations established by the Board. Established before Fiji’s independence, the FNPF arose from a bill introduced in 1965 by Hon. A.D. Patel, with Hugh Robinson as its first CEO, who provided strong leadership. Following him, Lionel Yee managed the FNPF with great care, ensuring contributors felt secure as they approached retirement.
Governments over the years have upheld the integrity of the FNPF funds, adhering to strict laws governing contributions and pension disbursements, even amidst political upheaval. The FNPF Board has traditionally included representatives from businesses, unions, and government, which reassured contributors that their interests were protected.
However, post the 2006 coup led by an unelected FijiFirst government, there were significant changes. The government interfered with the FNPF Board, appointing individuals who lacked independent judgment. A decree introduced in 2011, purportedly for structural reform, was made without proper consultation and led to a drastic 50 percent reduction in pension payments for certain seniors—a move justified by false claims of impending insolvency. Such actions were deemed illegal, with subsequent legislation shielding the decree from judicial challenge.
The 2013 Constitution further granted the government unchecked powers, which allowed them to act beyond their mandate. The pension fund is meant for the people, yet decisions made by leaders such as Voreqe Bainimarama and Aiyaz Sayed-Khaiyum threaten its purpose. The Minister for Economy has misused FNPF resources, investing in hotel acquisitions and other ventures that do not serve the best interests of pensioners.
As Fiji faces unprecedented debt levels, largely attributed to the decisions made under Sayed-Khaiyum, the current Finance Minister faces the challenge of rectifying this financial burden. Had the 2022 elections yielded a victory for FijiFirst, it could have marked a disastrous turn for the nation. The failure of their counting machines has spared Fiji from further authoritarian rule.
The 2013 Constitution has ill-advisedly enforced suffering upon certain senior citizens, while the FNPF must prioritize the welfare of all contributors. Although the Finance Minister has announced the restoration of reduced pensions starting August 1, 2024, this approach is deemed insufficient and problematic, as it acknowledges an unjust decree from 2011 while failing to address long-standing entitlements owed to seniors.
Editorialist Fred Wesley of The Fiji Times emphasized the necessity for FNPF to rectify its past mistakes and uphold its fiduciary responsibilities to seniors. The FNPF must cease using pension funds for profit generation at the expense of retirees, and prioritize legitimate payouts to its contributors.
There are urgent calls for accountability within the FNPF, with suggestions that the current board’s actions reflect complacency and complicity with past governance failings. To restore credibility and fairness, a new board, aligned with the interests of contributors, is warranted. The situation demands immediate action rather than delays, emphasizing the urgent need to advocate for the rights of seniors in Fiji.