By Lagi Keresoma<\/p>\n
APIA, SAMOA – 01JULY 2023:<\/strong> All members of the Samoa National Provident (SNPF) will get an 8.3% interest but there will be no cash pay-outs.<\/p>\n 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\u2019 accounts.<\/p>\n 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\u2019 accounts.<\/p>\n 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.<\/p>\n \u201cThe 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,\u201d said Mulipola.<\/p>\n Members do have the option of loaning from their accounts.<\/p>\n 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.<\/p>\n In December 2022, the Board met and decided to advance 2% which was disbursed in January 2023.<\/p>\n \u201cThe 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,\u201d said Panoa.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 […]<\/p>\n","protected":false},"author":2,"featured_media":10778,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[177],"tags":[59,2708,2707],"class_list":["post-18297","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","tag-featured","tag-no-cash-payments","tag-snpf-8-3-interest"],"yoast_head":"\n