S.N.P.F. contributions surge

By Matai'a Lanuola Tusani T - Ah Tong 03 April 2024, 9:00PM

The member contributions to the nation’s superannuation fund showed an increase of seven per cent in 2023 from $140 million compared to $131 million in the previous year. 

According to the Samoa National Provident Fund (S.N.P.F.) annual report 2023 the surge in member contributions was attributed to better compliance measures by the management in working together with employers. 

The reporting period also noted the growth in the number of active members for the fund from 34,066 (9 per cent increase) compared to 31,385 in the previous year. 

“We have seen an increase in voluntary contributors who have registered with the fund both for local as well as overseas members including those on the Recognised Seasonal Employer Scheme (RSE),” the annual report stated. 

About employers, the total count of employers was 1998 at year’s end compared to 1917 in 2022. A total of 174 new employers registered with S.N.P.F. last year. 

In terms of withdrawals, a total of $92.4 million was withdrawn in 2023 compared to $64.8 million recorded in the earlier year. 

The annual report also mentioned the improvement in process with the online portal service where 38,741 members signed up on the platform. 

The online portal service enables members to check their N.P.F. account balance anytime from any device, process small loans and enable payment of special dividends to member bank accounts. 

The fund noted the service was especially beneficial to members during COVID-19 lockdown restrictions when members were not able to visit the office. 

By Matai'a Lanuola Tusani T - Ah Tong 03 April 2024, 9:00PM
Samoa Observer

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