16th December 01:43 AM
Biosecurity Authority of Fiji signs Memorandum of Agreement with Unit Trust of Fiji
By Anamika Singh
Friday 12/10/2018

The Biosecurity Authority of Fiji has signed a Memorandum of Agreement with Unit Trust of Fiji for the Employee Investment Scheme.

The Employee Investment Scheme is Unit Trust of Fiji’s national financial initiative to promote savings and investment in the workforce.

Under this agreement, both institutions will be able to empower Biosecurity Authority of Fiji’s employees to save and invest for their wealth management.

The Scheme provides a platform for employees to regularly invest their funds through a salary direct deduction.

Biosecurity Authority of Fiji’s Acting Chief Executive Officer Hillary Kumwenda says this initiative provides another avenue for Biosecurity staff to invest in long term savings and investment schemes.

He says once the staff opt for an investment product, Biosecurity Fiji will facilitate the smooth transaction between employees and Unit Trust of Fiji.

Unit Trust of Fiji’s Chief Executive Officer, Vilash Chand says it is rewarding to note that employers and employees are taking advantage of this incentive since its inception in 2015.

Biosecurity Fiji will be the 28th employer to sign up for the scheme.

Under the agreement, Biosecurity employees will be investing with  Unit Trust of Fiji without any associated transactional fees and charges.

Unit Trust of Fiji investment portfolio is exceeding $215 million and have 19,600 active investors which includes 3,900 young investors from various schools. It is one of the major investment institutions in Fiji’s capital market with a market share of 65 percent.

The employees will be able to register for an investment account with no minimum opening balance, select any investment facility in accordance with their personal investment goals and grow their wealth by investing in an excess of F$210 million diversified investment portfolio and earn competitive tax‑free dividend income and realize potential capital growth.

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