FNPF Chief Executive, Aisake Taito.
The Fiji National Provident will facilitate mass registrations for companies and organizations that have failed to register their workers with FNPF.
This is to ensure that;
1. All employed citizens are registered with the Fund
2. Employees information already held by the Fund are verified to reflect their accurate vital information
3. FNPF contributions received are deposited into members’ accounts; and
4. Employers comply with FNPF requirements as stipulated under the law
“The FNPF laws stipulate that Employers who do not register their employees are liable to pay a fine of $5000 per employer and all Employers are urged to register their staff with the Fund upon employment and ensure their 16 per cent contributions are paid.
“We will penalise employers who do not comply with the FNPF laws – this also includes those who do not pay their employees’ contributions,” said FNPF Chief Executive, Aisake Taito.
This year alone, FNPF has managed to identify and direct $8million back into member’s accounts while another $6.5 million is still left in the unidentified account which the Fund hopes to correct and direct to individual members account.
A 24-hour turnaround time has been set for the issuance of FNPF numbers to newly registered employees.
“Recently, the Fund has noticed that a number of renowned companies are not complying with the law and are paying contributions for employees who have not been properly registered with the Fund,” Mr Taito said.
“This creates mismatches in member’s accounts details, resulting in funds being directed to the suspense account and these employees will miss out on their benefits.”
Contributions paid by employers for their employees, 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,” Mr Taito said.
He said members are equally responsible in updating their information with FNPF and 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.