50 employees of FNPF to lose their jobs

50 Fiji National Provident Fund employees will lose their jobs later this year as part of a restructure at FNPF. 

Chief Operating Officer Jaoji Koroi says they are currently conducting a number of restructure programmes which would see the right sizing and streamlining of the Fund’s human capital.

Koroi says the FNPF board has approved the new structure of 430 staff to continue working from the current number of 480.

He confirms that redundancy payments will be made to those that are not re-engaged and the new structure should be in place by July 1st this year.

The Ministry of Labour has been notified and consultations with the staff union and the Fiji Bank of Employees Union continue.

Koroi says the fund is mindful that the process involves people, and they are adopting a participatory approach, driven internally.

He says the FNPF employees have been fully informed of the restructure.

The affected positions have been advertised internally only, allowing staff to apply for their current positions and or other new positions that are on offer.

Koroi says the restructure within FNPF would improve customer service delivery, maximize the full benefits of the new Management Information System, uplift the intellectual capacity of the fund to better address its core of social security, use the restructure as a platform to enhance a performance driven culture and explore a flatter structure where value-added decisions are made in a timely manner.

FNPF’s total assets remain at $5.1 billion, a net operating profit of $331.6 million for the financial year ending 30th June 2016, an increase of $67 million, compared to the 2015 restated figure of $265.1 million.