Members discuss bills to be introduced in Parliament
Members of Parliament have discussed amendments to four different legislation during a pre-sitting session which was convened at the Maota Tofilau Eti Alesana conference room.
The four Bills comprise the National Provident Fund Amendment Bill 2019, Foundations Amendment Bill 2019, Companies Amendment Bill 2019 and Trustee Companies Amendment Bill 2019. The bills are expected to be tabled in the Parliament on Tuesday.
The N.P.F. Amendment Bill 2019 seeks to amend the N.P.F. Act 1972 Principal Act by progressively increasing the minimum employer and employee contribution rates within a period of three years.
The explanatory note for the bill states that the purpose of the amendment is to assist in growing contribution balances for members, which would in turn mean more funds available to members or fund a life pension at retirement.
In April this year, S.N.P.F. announced its plans to increase mandatory contributions to 10 percent over the next three years.
Secondly, the amendment on the Trustees Companies Act is to clarify provisions in relation to the revocation or surrender of a licence by a Trust Company Service Provider (T.C.S.P.) or firm.
Furthermore, it also provides for general amendments for consistency of reference used in the Bill. It also seeks to amend the Samoan title of the principal act to be consistent with the title approved by Cabinet.