May 27, 2008

More people withdraw pension fund

More people withdraw pension fund
26 MAY 2008

The Fiji National Provident Fund (FNPF) has recorded an increase in the number of members wanting to take their superannuation abroad.

The FNPF received 2581 applications from January to December last year, compared to 2433 the previous year.

FNPF chief executive officer Aisake Taito said in 2006, 2070 applications were received from locals and 363 from expatriates.

Of these, only 2265 applications were approved with a monetary value of $38.9 million.

In 2007, Taito said the Fund received 2581 applications; 2201 from locals and 380 from expatriates.

He said only 2402 applications, worth $39.9 million, were approved.

From January to April this year the Fund has received 739 applications from locals and 102 from expatriates.

Taito said the Fund has approved and processed 741 of these applications worth $12.7 million.

When asked if the overthrow of the Qarase Government in December 2006 had an impact on the increasing number of applications, Taito said: “Migration is a personal choice made by individual members. The FNPF only facilitates members request to withdraw for resettlement overseas”.

He added: “The Fund continues to register new members and that there was an increase of 3.75 per cent in membership for the financial year 2007”.

Taito said this translated to about 12,000 new members for the Fund comprising both those entering the labour market as employees and those registering as voluntary members.

Fuel price to increase
26 MAY 2008

The local price of fuel will increase from today, the Price and Incomes Board has announced.

The wholesale and retail prices of motor spirit, pre-mix outboard fuel, kerosene and diesel will all increase.

This is due to the significant reduction in OPEC crude oil supply due to field maintenance in oil producing countries and tight demand for distillates together with the continued weakening of the US Dollar, a statement from the PIB said.

As of tomorrow, the new retail price of kerosene per litre will be $1.67 (up 13 cents), diesel/litre will be $1.95 (up 13 cents), premix outboard fuel/litre will be $2.12 (up 3 cents).

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