The Minister of Finance and treasury, Hon. Rick Hou says the reform of the National Provident Fund, NPF, Act is absolutely necessary.
Announcing the NPF’s 15 percent crediting rate for the 2014 financial year, Hon. Hou says the government has included this reform as part of its priorities.
“Already cabinet has given endorsement for drafting instructions which are at an advance stage. It is expected the new legislation will be tabled before Parliament in early 2015. This will bring Solomon Islands NPF in line with international standards but with provisions that will suite our local environment.”
Mr Hou explains, the new NPF Act will place the Central Bank of Solomon Islands to regulate and supervise the Fund- improving governance and transparency of the Funds administration operations.