Over 90,000 members of the Samoa National Provident Fund, (NPF) will receive a 4% cash payout with a further 4% to be credited to their contribution accounts following an 8% dividend announcement by the funds Chief Executive Officer yesterday afternoon.
CEO Pauli Prince Suhren on behalf of the NPF’s Board and Management confirmed total dividend is equivalent to $60 million of which $30 million will be paid out to contributors in cash from the 1st of July or Thursday this week.
Members have until the 27th August 2021
The payment is in accordance with Section 36 of the SNPF Act 1972 authorizing the Board and Management to declare a dividend for members, which has been announced as 8.0% calculated on members contributon balances as at 30 June 2020.
As set out in the Act, over 90,000 Fund members are entitled to receive the dividend.
Pauli reassured the public during a press conference this morning that even contributors with aarrears or with active contributors due to unemployment are all entitled to the benefits.
“It’s a gift (mea alofa),” says Pauli.
One third or 31,000 of the 90,000 Fund contributors are active members.
For the current fiscal year, $30 million tala will be injected into the local economy by the Fund via the cash portion of the dividend while a further $30 million will boost members contributon totals, which then also increases the portion they can apply to loan.
The $30 million cash payout is an average of $333 tala per contributor, though the actual range is wide with Samoa’s current wage structure being top heavy for most organisations where CEO/ACEO level is around $120k and $80 respectively, and Principal/Officer level at around $55k and $45k.
Published verbatim below is the Press Release from the SNPF Board and Management.
INTEREST DECLARED 2021: $60 million tala.
In accordance with Section 36 of the SNPF Act 1972, the Board and Management of the Samoa National Provident Fund have resolved to declare a rate of interest of 8.0% for the financial year ending 30th June 2021 to the value of $60 million tala.
As COVID-19 continues to prevent our economy from realizing its full potential at this present time, the Board and Management recognize that our members continue to face the reality of the global economic downturn adversely impacting our country. Therefore, the Fund has resolved to pay out 50% of this year’s interest declared in cash as part of our enduring commitment to the wellbeing of our members.
Disbursement of the dividend to members can be itemized as follows:
• $30 million (4.0%) paid in cash to members on 1st July 2021 (ends 27th August 2021)
• $30 million (4.0%) credited to members’ contribution accounts on 1st July 2021
• TOTAL PAYOUT: $60 MILLION
The Board, Management and all the Staff at SNPF take pleasure in acting to assist our people in these unprecedented times.
All glory, thanksgiving and praise to Almighty God, our Lord Jesus Christ who is able to make all grace abound to us so that in all things at all times, having all that we need, we will abound in all our work.
