Keep S.N.P.F. beneficiaries current: P.M.
The Prime Minister, Tuilaepa Dr. Sailele Malielegaoi, is advising the public to ensure their next of kin information on their Samoa National Provident Fund (S.N.P.F.) accounts are up to date.
Tuilaepa said he has received many visits from the general public asking for assistance on such matters after it is too late to make avoidable changes,
The nation’s leader is advising people to revise their will and next of kin information on their S.N.P.F. records.
"The reason why I am saying this is because it has not been just once or twice, there have been many times, and it's due to negligence. Many have cried in my office from this matter," he said in an interview on Wednesday.
The next of kin information is listed on the N.P.F. registration form, which states to whom the contribution will be left to in the event that the holder the account passes away.
"There is something that keeps happening to many people. When they just begin to work at about 20 years old and you fill out your form for the N.P.F., it asks you: ‘When you die, who do you want to will [entrust] your N.P.F. to?’," he said.
"Especially with the high percentage being deducted nowadays, your [N.P.F. contribution] may reach a quarter of a million [tala] when you are employed for a very long time, especially with jobs with high salaries.
"You often forget to revise what you had written in that form, you might have written your mother, father or sibling. 20 years later, your pay is high with a spouse and eight children."
Tuilaepa highlighted that very often, people do not think far ahead when it comes to what arrangements will be made if someone passes away,
He said there have been many times when spouses of those who suddenly pass away have visited his office pleading to change their spouses' listed next of kin.
"By the time the wife goes in to claim the contribution for their many children after the husband dies, the money cannot be released because it's [entrusted] to some brother who is living the life overseas," Tuilaepa said.
What's more, he said most times the person who the money is entrusted to does not share the money.
"[But] nothing can be done. So many men and women have cried in my office regarding this matter, but I cannot do anything. It affects a lot of people," Tuilaepa said.
"It's because they are too focused on their jobs while forgetting things that need to be done."
Last year in July, the first of three annual 1 per cent increases to mandatory contributions towards employee S.N.P.F funds took place. The increases have increased from 7 per cent to 8 per cent.
S.N.P.F. annual member contributions will rise from 7 to 10 per cent of an employee’s salary over the next three years.
The Chief Executive Officer of the Fund, Pauli Prince Suhren, has confirmed that more than nine thousand contributors have cashed out a two per cent dividend from their accounts last week.
S.N.P.F. premises at Apia, Vaitele and Savai'i attracted huge crowds last Friday.