#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Regime targets FNPF pensioners fund

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Friday, June 12, 2009

Regime targets FNPF pensioners fund

The interim regime has decided to review the Fiji National Provident Fund pension scheme.

Interim Prime Minister Frank Bainimarama, while launching the new FNPF brand and logo in Suva on Wednesday night, announced the FNPF management will be asked to review and reform the pension scheme.

Sources say this means that those over 55 will see a decline in their monthly pension payments.

In his speech, Commodore Bainimarama said that he “noted with interest the generous amount paid out to pensioners by the Fund prior to 1999” and claimed “some pensioners received three to four times more than their contribution and interest earned”.

The military commander’s claim and directive to the FNPF Board is totally against the reason for harsh policy changes adopted by the Fund's board in March this year.

At that time, Board Chairman Parmesh Chand, Employers’ representative on the Board, James Datta, and Workers’ representative on the Board, Felix Anthony, were in total agreement with the changes despite widespread opposition from workers.

Commodore Bainimarama’s announcement that the management will review the pension scheme to make it more equitable, fair and sustainable, is completely the opposite of what the FNPF Board stated when they announced strict controls were necessary to safeguard the pension scheme.

3 comments:

Anonymous said...

And that is not even counting the fact that the post-devaluation inflationary spike from their own self-inflicted devaluation will erode the purchasing value of our retirement funds in real terms also.

And that's following hot on the heels of the record inflation seen under Mahen's term as iFM.

Certainly anyone wanting to retire overseas (which would be a lot more now), they have already lost 20% of their retirement fund buying power.

Anonymous said...

Given his & their past form in this area - if it wasn't so serious it would be laughable.

Bauhaus.

Anonymous said...

why Lord? why? why did we ever have this pig Bainimarama to be born a Fijian when he cold have been born an African in far away Timbuktu?