The 15 percent crediting rate applied to National Provident Fund, NPF, members contribution balances for the 2014 financial year means a crediting amount of 232 million paid to members savings after June 30th.
SINPF Board Chairman Mr. Baoro Laxton Koraua says, this adds to the 1.8 billion total estimated balance for members total contribution in the last financial year.
He adds, the amount is an increase of 109 million – fueled by new contributions and the impact of the 20 percent crediting rate of more than 246 million added to members contribution at the end of 30th June 2013.
“Today’s 15 percent credit rating will be applied to your contribution balances recorded 12 months ago in June 2013 of 1.7 billion. A crediting amount of 2-hundred and 32 million will be added to your current accounts of 1.8 billion to a new high of more than 2 billion, to be exact 2.032 billion in the coming year of total contributions.”
He stressed, as the value of members contributions grow, NPF must continue to invest to ensure adequate positive returns continue to grow each year to cover for operating costs and distribution to members.
The board chair explains, this challenge is complicated by the narrow economic base of the country, and the lack of good investment opportunities.
NPF now has 116- thousand 873 financial members.