$7.4 million in FNPF suspense account

The Fiji National Provident Fund has confirmed that $7.4million of members? contributions remain unidentified given mismatches in employee details provided by Employers and member records held with the Fund.

These funds are currently in FNPF?s suspense account, created for contributions paid by employers for their employees, but remain unidentified for these reasons:

1. The name or FNPF numbers provided do not match FNPF records

2. Use of initials and nick name on the monthly contribution schedules

3. Employees did not register with FNPF during their period of employment.

These contributions are held in the suspense account until such time the Fund is able to determine the owners of these funds. Whilst every effort is undertaken to reduce this problem, it can only be resolved through the collective effort of all stakeholders i.e. members, employers and the Fund.

Chief Executive, Mr Aisake Taito said employers need to ensure that all new employees are registered with FNPF a week after they commence employment.

?All employers are required to register their staff with the Fund upon employment and ensure their 16 per cent contributions are paid,? Mr Taito said.

The FNPF laws stipulate that Employers who do not register their employees are liable to pay a fine of $5000 per employer.

?We will penalise employers who do not comply with the FNPF laws ? this also includes those who do not pay their employees contributions.?

Mr Taito said members are equally responsible in updating their information with FNPF; also in checking their accounts periodically.

?Members have easy access to monitor movement in their account by registering to the SUPERTxt and Online Services.?

He said members affected are disadvantaged because these funds do not earn any interest and are also not accounted for in calculating members? eligibilities for partial withdrawal grounds.

?We urge members to take a proactive role in ensuring that they are registered with the Fund and to visit any FNPF office near them to verify their details?

?Members should ensure that their name and FNPF number on their employment records match those on their Birth Certificates and FNPF card to enable FNPF to update their account in a timely manner.

?This would help the Fund reduce the amount of unidentified funds in this account,? Mr Taito added.

Members can contact FNPF Employers Department on Tel:(679) 3307811 or email emp_teaml@fnpf.com.fj for validation and confirmation of unidentified contributions.

For further queries please email mediaqueries@fnpf.com.fj

 

PRESS RELEASE