S.N.P.F. payout surpasses $3.5 million

The Samoa National Provident Fund (S.N.P.F.) has paid $3.5 million to over 6,500 members in the first two days of the Fund’s 1.5 per cent dividend payout.

Another $7 million will be disbursed to the S.N.P.F. membership before Christmas sets in, according to the S.N.P.F. Chief Executive Officer, Pauli Prince Suhren.

In an email response to the Samoa Observer, Pauli said members withdrew over $2 million on Monday and another $1 million on Tuesday for a total of over $3 million in the first two days of the week.

"Monday 30th: 3949 members took out $2,305,676.34 million. Tuesday 1st: 2611 members took out $1,221,161.65 million."

Hundreds of contributors formed queues outside the superannuation fund’s headquarters at Matafele since early Monday to get their share of the total $10.6 million tala dividend.

The 1.5 per cent early Christmas payout by the S.N.P.F. management is a portion of 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 S.N.P.F. also made a payout of $14.2 million earlier in July this year to its contributors. 

This is the third disbursement of S.N.P.F. dividend inside 12 months as there were also payouts in December last year and July this year. 

Another S.N.P.F. dividend payout of 1.5 per cent is planned for March next year.

According to Pauli, members with loans are still eligible to receive this dividend. However, any unredeemed dividend after 24 December will be credited directly to the members' contribution accounts.

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