S.N.P.F. to pay July dividends

Despite the coronavirus' economic impact on Samoa, contributors can expect a payment of dividends from the Samoa National Provident Fund (S.N.P.F.) this July as usual, says the Fund's Chief, Pauli Prince Suhren.

But it is too early to ask how much as there are still months left before this Financial Year is finalised, officials say. 

The dividend will be distributed 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.  

"Yes, there will be a dividend declared in July 2020," said Pauli in response to questions from this newspaper. 

"However, as we are still only in the 10th month of the fiscal year, it is impossible to know at this time what the [percentage] will be."

Currently, the Fund is assisting the private sector with a six months moratorium for the Hospitality Sector and the offer of two months' rent-free at any S.N.P.F. property.

For the members of the public, the N.P.F. is expected to refund all contributors' loan repayments made to personal loans for the whole month of March as well as the enabling of a 20 per cent withdrawal of contributions of those laid off in the hospitality sector as a direct result of the coronavirus downturn. 

Such measures are usually implemented only for retired, migrated or deceased contributors;

Last July, Christmas came early for contributors and members of the Samoa National Provident Fund (S.N.P.F.) with the Fund declaring a dividend of 9.1. per cent for the financial year ending 30 June, 2019.  

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