Huge crowd at S.N.P.F. on first day of dividend payment
Christmas indeed arrived early for contributors and members of the Samoa National Provident Fund (S.N.P.F.).
Hundreds of members flocked to the S.N.P.F. building in Apia on Monday , from the morning until closing to take advantage of the 9.1. percent dividend declared by the Fund, last week.
It was so packed a Police officer was required to manage the flow of people.
A mother of seven, Tanumia Laulu, was among the early birds.
She told the Samoa Observer that the 9.1% dividend came at the right time for her children's school fees.
The 43-year-old said although they have a fa'alavelave on the horizon, her children's education is her priority.
"I’m thankful for these percentage provision from the N.P.F. that gives us the choice to either withdraw or save for later," she said.
"Some people have plans for later on in the year that they may need it. I’m happy this has come around at the right time for some faalavelaves waiting in line already.
"But the priority is with my children’s education and what our families need.
"This 9.1% from the S.N.P.F. is just enough for our plans, as you know the children’s school are due to start soon."
A young citizen from Apolima Uta, Elenoa Falana'i echoed similar sentiments, saying the provision has come at a great time.
"Right now, its in great timing with our church obligations, and now that this has come along, there will be money to spare," said the 23-year-old.
"Its very helpful, I thank the N.P.F. for this great help," said Ms. Falana'i.
She told Samoa Observer she had rushed from Faleolo where she works, so she can get in line earlier as she had heard about how full it was since the morning.
S.N.P.F. declared a dividend of 9.1. percent for the financial year ending 30 June, 2019 in a statement issued by the Fund on Friday.
The dividend is in accordance with Section 36 of the S.N.P.F. Act 1972, which allows the Minister of Finance, Sili Epa Tuioti, and the board and management of the Fund to declare the payment of dividend.
“The payment this year of another $54 million tala to members is testament to the continued commitment of the Board, Management and Staff of the S.N.P.F. in the enduring endeavour to place our members’ interests first and yield high returns for our people,” said a statement from the Fund.
It stated the contribution balance as at 1 July 2018 determined the calculation of dividend declared given that no withdrawals or offsets were made within this financial year.
“Payment of dividend will be processed to members’ contribution accounts and will be accessible to members for normal entitlement lending from Monday 1st July 2019.”
The Fund hopes to build on its performance through reaping the benefits from new high yield investments and thereby consolidating its reputation of robust returns for all members in the next financial year, said the statement.