(PRESS RELEASE, 13th Dec.2021)- The Fund wishes to remind the public that Parliament has passed the National Provident Fund Amendment Act 2019 increasing the minimum member and employer contribution. The increase to 10% was effective as of 1 July 2021.
However, having considered the ongoing ramifications of the global COVID-19 pandemic on our national economy and the ability of certain businesses to make ends meet – The Fund has again decided not to enforce compliance to the 10% minimum member and employer contribution until 1 July 2022. (This does not affect those who have already changed or are willing to change earlier to the 10% minimum.)
The increase of contributions ensures that members will have more funds available to them at retirement and even more so as the Fund plans to build on its record of paying out high yield dividends in the future. In addition, increased contributions mean all members have faster access to their entitlements and greater and more flexible options available for borrowing.
The Board and Management of SNPF pledge to invest these contributions in lucrative investments that maximise returns for all members whilst also ensuring a high level of immediate ‘access to finance’ for our people, stimulating economic activity and growth for Samoa.
This notice supersedes all previous notices on this matter.
Merry Christmas and a Happy New Year.
Thank you,
Management
13th December, 2021.
