August 29, 2011

Military regime to push ahead with FNPF reforms

The painful and unnecessarily drawn out charade by our monopolistic superannuation fund, the Fiji National Provident Fund, can no longer hide the inevitable.

Despite the public outcry they will go ahead and help themselves to your retirement funds and break all the rules while they're at it because the fact of the matter is that the illegal and treasonous military need continued access to the FNPF cash-cow in order to present some semblance of a budget for next year.
FNPF pension reform announcement expected
Monday, August 29, 2011

The Fiji National Provident Fund will not be able to please all members when they announce the pension reforms in a few days time says FNPF Assistant General Manager Prime Services Tevita Nagataleka.

Nagataleka says all submissions made have been taken into consideration - hence the delay in the announcement of the reforms.

He says due to the numerous number of submissions - they had to ask the consultants to reconsider some decisions.

Nagataleka says - some submissions had very good arguments - however - they were not in line with their policy principles.

“In a reform situation - it's extremely difficult to please everyone - all stakeholders. We'll have to be in the middle ground somewhere. Some will benefit outright. Some will have to make some sacrifices - but that is a part of a reform of moving forward to ensure long-term sustainability which is the ultimate objective in this case."

Nagataleka says only those that live above the poverty line will be affected.

There are about 11, 000 pensioners with the FNPF - and about 11 per cent of them live above the poverty line.

Report by: Elenoa Osborne


Anonymous said...

How is Tevita Nagataleka qualified for the position he holds, and what good does it do for FNPF to send him on overseas trips at the expense of pensioners.
FNPF Now stands for Fiji National Provident FIASCO. And under the present management things will get worse

Miaw said...

FNPF jobs have always been lucrative right from the time of Lionel Yee, good pay and perks !!