S.N.P.F. $7.8 million cash splash to bolster economy
The Samoa National Provident Fund (S.N.P.F) has announced a early, special cash dividend payment of $7.8 million to its contributors, designed to bolster Samoa's economy during the measles epidemic and help afflicted families.
Minister of Finance, Sili Epa Tuioti and the S.N.P.F. Chief Executive Officer, Pauli Prince Suhren announced the dividend payment on Friday.
A major factor behind the decision to make the cash dividend payment, according to Minister Sili is to boost the economy, especially with the tourism sector likely to be affected by the measles outbreak.
But he stressed the humanitarian aspects of the payments too.
“And if we can help some of our contributors who may be struggling financially and preparing for Christmas and new year period,” Minister Sili said.
“I think we’re very happy to be able to provide this grant to be of some help to some families who have been obviously struggling with measles outbreak. I think it’s trying to provide a positive environment for them.”
The cash dividend payment will be an early Christmas gift for a lot of families, especially those that lost loved ones during a measles epidemic that continues to claim more lives.
It will be effective Monday, December 2 and be available at the S.N.P.F headquarters in Apia Level 1 and 3 at the Vaitele and Salelologa offices on Upolu and Savaii.
This cash dividend payout is different from the normal payout processes.
All that is required is for the members to present themselves with their identification cards, sign a form and then confirm the active bank account that they use, so that the funds can be dispersed into their bank accounts.
The funds should be available at the close of business for the day and after the contributors have signed all the necessary forms.
The CEO said: “It’s not a loan and it’s not part of any lending but in saying that, you are able to access this special dividend but you are also able to do your regular entitlement, short term and other loans that we have available here at the fund.”
The payment of the special dividends will end on Christmas eve, December 24.
For those who opt not to access their special dividend, the payment automatically goes into their accounts and remains there as part of his or her contribution. No cash payments will be processed after December 24.
In July each year the S.N.P.F normally declare dividends. In the last two years, a 10 per cent and 9.1 per cent dividend was declared and paid to the contributors.