SNPF members receive 8.3% interest

By Lagi Keresoma

APIA, SAMOA – 01JULY 2023: All members of the Samoa National Provident (SNPF) will get an 8.3% interest but there will be no cash pay-outs.

The interest was announced by the Minister of Finance, Mulipola Anarosa Ale Molio’o and $55 million has been allocated in the 2023/2024 Budget to cater for the interest payments into the members’ accounts.

Included in the 8.3% is the 2% already disbursed to members in January 2023 which leaves 6.3% which will be transferred directly to members’ accounts.

Asked why there was no cash pay-out as before, Mulipola said the Board and managements intention is to secure members funds for the future.

“The good thing about securing funds is that it can cater for families in times of emergencies, rather than trying to find money when an emergency arises,” said Mulipola.

Members do have the option of loaning from their accounts.

The SNPF Chairman Panoa Tavita Moala clarified that the Samoa National Provident Fund Act 1992 gives the Board discretionary powers to give out cash payments.

In December 2022, the Board met and decided to advance 2% which was disbursed in January 2023.

“The cash pay-out of the 2% in January 2023 was to assist families as Samoa was gradually recovering from COVID-19 and that amounted to $18 million tala,” said Panoa.