A nine percent increase in the minimum member and employer to the Samoa National Provident Fund will become effective from 1 July.
The increase was approved by the Samoa Parliament through the National Provident Amendment Act 2019.
The increase of contributions ensures that members will have more funds available to them at retirement and even more so as the Fund plans to build on its record of paying out high yield dividends in the future.
According to the SNPF management, the increased contributions mean all members have faster access to their entitlements and greater and more flexible options available for borrowing.
The Board has also pledged to invest these contributions in lucrative investments that maximize returns for all members at the same time ensuring a high level of ‘access to finance’ for people stimulating economic activity and growth for Samoa.
The nine percent increase will be effective from pay period starting 1 July 2020 and due for payment in August 2020.
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