The number of civil servants retiring in four days time is not 1614, as told by the Permanent Secretary of the Public Service Commission, Parmesh Chand.
Coupfourpointfive has been told the actual number is at least 2200 and this is the figure the Fiji National Provident Fund (FNPF) is working on. Sources say the interim regime forgot to include the lower category of public workers like the PWD, Water and Sewarage Department and Department of Roads. FNPF is projecting that 4000 government workers will have to retire by the end of the year.
FNPF is worried about the number of retirement applications it will have to process, when these civil servants retire. Most of the government workers have been members of FNPF all their life. FNPF contributions is compulsory for all workers, and members can only withdraw funds to buy a house, pay for their children's university fees and when they retire.
With the deteriorating economy and rising inflation due to devaluation, it's expected that most of those retiring will want to withdraw their money all at once, instead of taking the pension scheme under which the calculated percentage of their funds is paid out once a month.
The interim regime has publicly stated that all those retiring at the age of 55 should depend on their FNPF savings to sustain them for the rest of their life and cater for the needs of their families.
Sources say it will be interesting to see whether the FNPF allows members to take their money out in a lump-sum.