The Samoa National Provident Fund (S.N.P.F.) contributors will be the recipients of $43.2 million in cash, thanks to a record dividend of 9.1 per cent for the financial year ending 30 June 2020.

The total dividend is valued at $64.5 million, the Minister of Finance, Sili Epa Tuioti, said in a press conference on Friday at the S.N.P.F. headquarters.

Sili said that the declared dividend is the biggest ever in the history of the fund.

“And if it compares to last year which was $54 million it is a good increase,” he said.

He also congratulated the S.N.P.F. Chief Executive Officer, Pauli Prince Suhren, his staff and the management team.

Sili said investments overseas and locally have contributed to financial decisions.

“S.N.P.F. is also a shareholder in the Bank of the South Pacific," the Minister said.  

“The fund recognises the economic adversities facing Samoa at this present time as a direct consequence of the COVID-19 pandemic.

“As a result, the decision by the Board and Management to pay out the unprecedented amount of $43.2 million in cash is designed to provide much needed financial assistance to our members and their families.”

He added that this amount of $43.2 million paid in cash equates to 6.1 per cent of the declared dividend. 

“The disbursement of the dividend to members is $7.8 million (1.1 per cent) paid in cash to members on 2nd December 2019; $21.3 million (3 per cent) to be credited to members' contributions accounts on 1 July 2020.

“$14.2 million (2 per cent) paid in cash to members on 1 July 2020; $10.6 million (1.5 per cent) paid in cash to members on 30th November 2020; and $10. 6 million (1.5 per cent) paid in cash to members on 22 March 2021.

“The Board, Management and all the staff at S.N.P.F. take pleasure in the knowledge that we can step up to help our people in these unprecedented times.”

He also added that all glory, thanksgiving and praise to Almighty God, our Lord Jesus Christ who is able to do immeasurably more than all we can ask or imagine according to his power that is at work within us.

Pauli clarified the reason behind the $43.2 million being paid out to members all at once.

“It is important that we still have a cash flow because we are still continuing other activities but that might affect our operations if the declared dividend is paid out all at once," he said. 

“The division of your cash will be so you can benefit next week, before Christmas and Easter.

“All this money has been given but it will be spent in our country especially our business community.”

Sili added that at the beginning of the year, it is a critical time for parents in need of financial support for their children’s needs for school, especially fees.