The Minister for Finance and Treasury, Rick Hou says the Solomon Islands National Provident Fund will be reformed, but not by the current Government, whose term ends later this year.
Freelancer George Atkin reported, Finance Minister Hou made the statement while addressing members of the National Provident Fund in Honiara.
He told the members, reforming NPF is of high priority and Cabinet has given the okay for work on drafting the instructions for the new legislation to start.
Minister Hou said drafting work on the instruction is now at an advanced stage, and the new legislation will be tabled before the National Parliament early next year.
Mr Hou says this will bring NPF in line with international standards, but with provisions that will suit the local environment.
The Finance Minister adds, the new act will place the Central Bank of Solomon Islands to regulate and supervise the Fund, and improve the governance and transparency of the Fund’s administration and operations.