The Samoa National Provident Fund in accordance with section 36 of the SNPF Act 1972, have resolved to declare an interest of 8.3% for the financial year ending June 2023.
This total interest is inclusive of the 2% that was disbursed to all member’s accounts in January 2023 in the amount of $18 million.
“As such the remaining 6.3% which amounts to $55 million shall be credited to all member accounts on the 30th of June 2023.”
The SNPF statement noted the total cost for the 8.3% interest Is $73.96 million.
“Member of contribution balance as of the 1st of July 2022 is the basis for the calculation of the interest.
“The remaining interest of 6.3% shall be credited to all member contribution accounts on the 30th of June 2023 and will be accessible to members to loan for normal entitlements from the 1st of July 2023.
“There will be no cash payment this year as was done in the past years due to COVID and the celebration of other milestones such as the Golden Jubilee, as it is the intention of the board of directors and management to credit the interest to member contribution accounts for a secure tomorrow.”
Furthermore, the statement says the SNPF hopes to continue to build its performance through reaping benefits from investment In the member’s funds to ensure a prosperous future for its members.