The Solomon Islands National Provident Fund (amendment) Bill 2018 went through Second reading this morning in Parliament.
The bill aims to amend the current NPF Act to create a legal framework for the operation of the ‘YouSave’ Scheme.
It is a new voluntary pension scheme operated by the Solomon Islands National Provident Fund.
Unlike the current NPF membership which is only accessed by those in formal employment, the ‘YouSave’ scheme aims to allow those in informal employment to save for retirement, explained the Finance and Treasury Minister, Manasseh Sogavare.
Minister Sogavare said, the new scheme will improve the finance inclusion of pension savings in Solomon Islands and is supported by the Pacific Finance Inclusion Programme.
The 2017 Supplementary Appropriation Bill 2018, Development Bank of Solomon Islands Bill 2018 and the Payment Systems Bill 2018 also went through second reading before lunchtime.
The National Parliament resumes this morning after it was adjourned on 24th of September.
By: Leni Dalavera