A press release confirms a 9.1% annual dividend for National Provident Fund contributors for the year ended 30 June 2020, which equates to $64.5 million tala in value.
By comparison, this years dividend is the same as last years 2019 dividend also 9.1%, but a drop compared to the 2018 dividend of 10%.
The dividend is the first since the progressive increase in compulsory contributions from 7% to 10% over a 3-year period with 1% annual increases. Contributions will increase from 8% to 9% this July, with the final increase to 10% next July.
For the 2020 dividend, calculated on balances as at 30 June 2019, contributors will have 3% credited to members’ contribution accounts on 1st July 2020 while a record 6.1% is to be disbursed to members in staggered payouts as part of the Funds efforts to stimulate the dampened economy.
1.1% was paid in cash to members on the 2nd December 2019.
2% paid in cash to members on 1st July 2020.
1.5% paid in cash to members on 30th November 2020.
1.5% paid in cash to members on 22nd March 2021.
Signed by the Board and Management the statement states the Fund’s recognition of the economic adversities facing Samoa as a consequence of the COVID-19 pandemic.
“As a result, the decision by the Board and Management to pay out the unprecedented amount of $43.2 million tala in cash is designed to provide much needed financial assistance to our members and their families;
“The Board, Management and all the Staff at SNPF take pleasure in the knowledge that we can step up to help our people in these unprecedented times;
“All glory, thanksgiving and praise to Almighty God, our Lord Jesus Christ who is able to do immeasurably more than all we can ask or imagine according to his power that is at work within us;
The Minister, Board and Management”.