SNPF paid out $19 million in latest dividend

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To date, the Samoa National Provident Fund has paid out close to $20 million to more than 20,000 of its members entitled to the 3.2% dividend. 

This is part of the dividend paid out annually by the SNPF. 

Chief Executive Officer Pauli Prince Suhren told Savali, that out of its 32,000 members, 21,014 active members have taken out their 3.2 percent which totals up to $19,809,897. 

“The total of the 3.2 percent is 26.3 million, which is a significant amount,” said Pauli.

He said normally, not more than 80 percent of members take out their percent,  which is always the amount they expect while the other 20 percent of active members tend to save their dividend.

“There’s also the 20 percent that has the savings mindset and wants to leave it in there. And they have seen that as a consistent percentage over the years, there’s always that 20 percent that never wants to withdraw their percentage,” he said.

“After the 29th of they don’t claim it as cash payment then it goes back into your contributions.”

Adding the more that is saved, the more benefit a member will gain from future percentages as future dividends will be calculated from the contribution balance.

In terms of taking out the cash payments, Pauli said there is still a small number of people still standing in the queue but the majority have utilized their online portal.

“In the first 24 hours 12,000 took their dividends,” he said.

Stating that people are no longer restricted to the opening hours of the office, Pauli explained that the online portal has made it convenient for many as claiming the dividend is just a push of a button.