The Fiji National Provident Fund is hoping that the new preservation rule to have sufficient amount of savings for retirement will work as 304,318 FNPF members had balances below $10,000 as at June 30th, last year.
FNPF states that one of the Fund’s major concern relates to low member balances, especially for those who are close to the retirement age.
The Fund says amongst others, they associate this problem to excessive withdrawals over the years, and irregular employment and contributions for those in the informal sector.
It says 56,000 members who are above 50 years, have less than $10,000, and this is a major concern.
The Fund is still hoping that the preservation rule will greatly assist those 248,000 members below the age of 40 years to save more for retirement.
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