There is great news for contributors of the Samoa National Provident Fund.
Yesterday, the Chief Executive Officer of the S.N.P.F., Pauli Prince Suhren, announced a 7.2 per cent interest for this year.
What that means is that starting from 1 July 2017, thousands of members will have a bit more cash in their hands to spend.
That’s $35.4million to be exact.
“It is an honour to announce that in accordance with Section 36 of the S.N.P.F Act 1972, the Board of Directors of the Samoa National Provident Fund has resolved to declare a rate of interest of 7.2% for the financial year ending on the 30th of June 2017,” a statement from S.N.P.F said.
“The 7.2% interest shall apply to the National Provident Fund, Judiciary Retirement Fund and the Education Fund.
“The annual interest declared shall be credited to the above accounts by close of business on the 30th of June 2017.”
There are conditions for members to be entitled to the cash.
“Contribution balance as at 1 July 2016 is the basis for the calculation of the interest declared provided that no withdrawals were made within this financial year.”
Pauli paid tribute to the hard work of the S.N.P.F Board members and the staff.
“This tremendous result is a testament to the hard work and dedication of the Board, Management and Staff of the S.N.P.F to ensure that we always “put people first” resulting in the payment of $35.4 million tala as interest granted for our members this year.
“All glory and praise to our Lord Jesus Christ for the abundance of his grace on the S.N.P.F and on our country Samoa.”