SNPF to Pay out $42m to Members as Jubilee Celebration Gift

Staff Reporters

APIA, SAMOA – 11 APRIL 2022: The Samoa National Provident Fund is paying out $25m tala as of midnight tonight to contributors as part of its Jubilee celebration gifts to members.

This will be the first payment of 3% of the overall 5% cash payment that will come to a total of $42m tala. The other 2% will be paid by end of year.

The details of the $42m tala pay out were announced by the Minister of Finance, Mulipola Aaraosa Ale Molioo this morning.

Members and contributors to the Fund had been looking forward to the details of the pay out since the 50^th Jubilee celebration fell on 23 March but had been delayed due to the Covid-19 lockdown.

Other than the payment to members, the pensioners will also get $50 above their monthly $200 pensions and will have this paid starting tomorrow for Easter.

The Minister of Finance, Mulipola Anarosa Ale-Molioo and CEO of SNPF, Pauli Prince Suhren announcing the details of the pay outs this morning.

The third part of the Jubilee pay outs is $10,000 tala each to service/charity organisations such the Mapuifagalele Home for the Aged, Samoa Victim Support Group, Samoa Cancer Society, Nuanua o le Alofa, Fia Malamalama, Loto Taumafai, National Kidney Foundation, Senese, Goshen Trust, Salvation Army and St Vincent de Pauls.

The Chief Executive Officer of the Fund, Pauli Prince Suhren said there are about 115,000 members holding balances with Fund and there are around 30 thousand active members.

Payments have been made through the funds online portal to avoid congestion under the pandemic lockdown. Pauli says this will be the highest direct payments made out by the Fund to its members and from past experience, 20% do want take cash payments of which are paid directly to their accounts with the Fund by 27 May.

Since its inception in 1972, the Fund has grown in its equity and now holds investment through property it owns overseas and investments in projects such as the Samoa Submarine Cable and the regional investment through the association of Provident Funds and others.