S.N.P.F declares 7 percent interest
There is great news from the Samoa National Provident Fund Board.
Yesterday, it declared a rate of interest of 7% for its members in respect of this financial year ending 30 June 2016.
The 7% interest shall apply to the National Provident Fund, Judiciary Retirement Fund and the Education Fund
The total cost of the interest declared this financial year is $32.1 million funded from its net profit of the year.
The annual interest declared shall be credited to the above accounts by close of business on 30th June 2016.
Contribution balance as at 1 July 2015 is the basis for the calculation of the interest declared provided that no withdrawals were made within this financial year.
LAST INCREASE OF MINIMUM CONTRIBUTIONS
As advised last year, the Fund will increase the minimum contribution to 7% of Gross Salaries & Wages for employees and a matching 7% from the employers commencing 1st July 2016.
This has been done to assist our members in increasing their contribution accounts and thereby provide for a safe and secure future especially upon retirement.
We highly recommend that you check and update your NOMINATION (i.e. the person you have nominated to receive your contributions upon your death), as many members make their first nomination when they’ve just started work.
Unfortunately, there are many cases of members forgetting to update their nomination as their circumstances change.
The Fund must honour a member’s nomination in accordance with our statute and regulations, thus your nomination is very important. So contact us to confirm and update your nomination to ensure that your preferred loved ones would receive your contributions in the event of death.