6.5% for NPF members

The Solomon Islands National Provident Fund, NPF, has today announced its annual crediting rate to its members.

A new rate of six-point-five percent will be credited to its member’s contributions beginning next week.

Minister responsible for the Fund who is also the Deputy Prime Minister, Manasseh Sogavare made the announcement today. He also announced the death benefits to be paid.

“In consideration of the fund’s strong performance I as the Minister responsible accepted the recommendation of the board at their meeting today and I’m pleased to announce the following to the members: One, a crediting rating of six-point-five percent interest to be credited to members’ contribution accounts held with the fund, “he said.

“Two, the Special Death Benefit, SDB, to be paid to any deceased members will be maintained at three thousand dollars as an interim measure until the Solomon Islands National Provident Fund Act reviewed, tabled and passed by parliament.”

He said the rate was equivalent to a total of one-hundred and sixty-one million dollars.

“In monetary terms the crediting rate just announced is equivalent to one hundred and sixty-one million dollars in interest, allowing seventy-five million to be plowed back to the general reserve, increasing the balance to four hundred and twenty-one million dollars from two hundred and fourty-three million dollars registered in the last financial year 2017,”he said.

“This amount will be distributed to members with credit balances commencing next week.”

By: Rickson Bau.