By Dionisia Tabureguci
Over 50,000 Fiji National Provident Fund (FNPF) member accounts will scrutinised and reclassified as work gets under way to address the large number of 'zero balances' amongst members.
'Zero balance' accounts have been a thorn in the Fund's side, having accumulated over the years, with the latest numbers putting it at a staggering 58, 712 of a total membership of 446,658, or roughly 13%.
"As we have highlighted in the case study in the 2021 annual report, 44% or 25,550 members are over 55 years and 97% of these accounts have been dormant for over 10 years (dormant means no transactions)," CEO Viliame Vodonaivalu said . . .