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All employees in the country will have a 3 percent reduction in their Fiji National Provident Fund (FNPF)contributions from 01 April, 2020.
Minister for Economy Aiyaz Sayed-Khaiyum says this will continue until 31 December, 2020.
He said this will put $80 million (US$40 million) in the pockets of all employees for the next nine months while a steady contribution to their superannuation scheme will continue.
Sayed-Khaiyum has further revealed that they will reduce employer FNPF contributions from 10 – 5 percent from 01 April to 31December 2020.
He said this will enable employers to keep $130 million (US$65 million) in their accounts.
The Economy Minister said this will help employers sustain their businesses and cash flow which is a critical issue at this point in time.
He said that this will minimise job losses and hour reductions.
“Just as government is helping employers by reducing their FNPF commitments, we expect employers to work closely with FNPF to assist with the withdrawal process for any of their employees who qualify”.
Sayed-Khaiyum has also sent out a stern warning following the announcements that no Fijians should make a mad-dash to FNPF.
SOURCE: FBC NEWS/PACNEWS
Pacific Islands News Association
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