#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Australian consultants to review FNPF

Sunday, June 21, 2009

Australian consultants to review FNPF

The Board of the Fiji National Provident Fund has announced the appointment of Mercer (Australia) Pty Ltd to review its pension scheme.

The chair of the FNPF Board says they will hold nationwide consultations with stakeholders, after Mercer sends it report through.

But he fails to say that the sole stakeholders of FNPF are Fiji's workers.

Mercer’s appointment comes a week after interim Prime Minister Frank Bainimarama announced the pension scheme was to be reviewed because of what he described as the need for the scheme to be fair and equitable to all pensioners.

Coupfourpointfive was first to report the review would result in a decline in the annual rate of pension, which is currently 15 percent. Parmesh Chand confirmed this to the media this week.

Chand expects Mercer to complete the review within two months.

An investigation by Coupfourpointfive has revealed the review is being done and that retired workers on the pension scheme are being penalised, so that FNPF can recoup money for bad investments, overhead expenses and payment of exorbitant allowances and salaries to personnel recruited after the December 2006 military coup.

5 comments:

Anonymous said...

This illegal regime is nothing but a bunch of crooks! Stealing workers' money. Chaos has now occurred for Frank and his cronies who bit more than they could chew!

Anonymous said...

Wouldn't be too hard to set up the TOR so that the REAL REASON our fund values are plummeting - ie. the post-coup economic decline - is never touched upon. It would just be limited to a discourse on the technicalities of managing the unavoidable realities of that.

The the Regime will have a nice little "Mercer-badged" whitewash paper that it can plead whenever this inevitably becomes the hot issue it is going to become at the next elections, or sooner.

Anonymous said...

I remember hearing Parmesh Chand justify joining of the Regime on many occasions with claims to the effect that "Fiji's unique circumstances and problems required unique, direct, gordian-knot, out-of-box, solutions".

Interesting therefore to see him now restricted almost exclusively to basic, straight-forward, orthodox administration and consultancy outsourcing like this.

I guess all that Charter bravado has now disappeared out the window with their "Singapore of the Pacific" fooling of themselves!

Anonymous said...

Whitewash or expose'?
Should be interesting - even competent ones are doing it tough.

Anonymous said...

The pay for the Military post 5th December 2006 is posted on Raw Fiji News and clearly fiji cannot afford to pay these crooks this amount of money.

FNPF funds have been used to pay these crooks since December 2006 and the money is running out.

Fiji is Stuffed especially with all the new equipment from India not working at the Lautoka and Labasa mill, the downturn in the tourism industry and the world global crisis that is affecting investment.

Resign NOW Voreqe or you and your crooks (and all your families) will pay dearly for this crime on Fiji and its people.