#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Retirees will suffer from FNPF review

Saturday, June 13, 2009

Retirees will suffer from FNPF review

An announcement by Frank Bainimarama that FNPF will review its pension scheme is a slap on the face of retirees.

Close to 4000 civil servants over the age of 55 had to retire on April 30, under a new decree put out by Bainimarama's regime.

Currently, Fiji’s retired workers receive 15% yearly as monthly payments from FNPF. Previously they got 25% but that got changed.

Sources say a review is likely to recommend 10%-12% annual pension payment based upon members savings.

This means that the amount of money retirees get from FNPF will be lower.

The FNPF has already made changes in March to stop withdrawals. The rigid measures it made were:

- Charging $20 fee for every partial withdrawal

- Limiting unemployment assistance to one withdrawal of $500 per year

- Canceling funding for short courses normally benefiting students in vocational training to up-skill themselves

- Only $2000 per semester withdrawal to fund children’s education at USP

- Members can no longer use their fund to educate their siblings – children of their brothers or sisters who are not fund members but unemployed.

- A member cannot withdraw funds for his or her brother or sister’s medical treatment or their children.

- Funeral assistance of $1500 but members not allowed to withdraw for their siblings’ children funeral

- Those seeking funds to go overseas after securing employment can only withdraw a maximum of $5000 depending on their eligibility

- Withdrawal for Small Business Equity Scheme has been suspended and imposed restrictions on members accessing $10,000 for Share Investment Schemes

- With the above restrictions, retired and unemployed members are the worst affected due to Fiji’s rapidly deteriorating economic climate, rising inflation and 20% devaluation.


Anonymous said...

Next minute they will be saying if you die they get to keep what ever money is left in account.

Anonymous said...

@ above comment.

Don't don't give them idea's - this crew have no qualms about robbing the living.


Anonymous said...

They are already thinking of reducing every member's account by 50% to pay off all these losses and the money given to the Illegal Junta to run Government since 5th December 2006.

Parmesh Chand can confirm that this proposal has already been presented to Voreqe so they will not wait till members die as they are already robbing us now and taking 50% of our savings will be no big deal to these crooks.

Ofcourse this will only apply to ordinary members like you and me but will not affect Voreqe and his cronies like Teleni, Leweni and the other imbersiles.

Anonymous said...

Let them try! Bunch of crooks!

Anonymous said...

The poor gets more poor.