As the 2019 financial year draws to an end, the Fiji National Provident Fund is urging Employers to pay their staff or member’s contributions on time to ensure they do not lose out on the daily interest accruals.
Despite creating awareness on this issue, the Fund continues to encounter problems with some prominent employers who fail to pay the contributions within the due month.
Chief Executive Officer Jaoji Koroi has called on Employers to fulfil their superannuation obligation to avoid unnecessary penalties.
“On 30th June 2019, FNPF will be crediting interest to all members’ accounts and if employers do not pay their employee contributions on time, members will lose out on the interest for those due months”
“Therefore it is the statutory responsibility of the employer to ensure that remittances are paid on time.”
“We still have employers who failed to honor their obligation and pay contributions within the required timeframes, which resulted in FNPF members losing out on the interest.”
Under the FNPF Act 2011, all employers must deduct FNPF from member’s wages and remit to FNPF with their employer portion in a timely manner. Failure to do so may lead to legal proceedings against the employer.
Members are also encouraged to check their accounts on a monthly basis to ensure that their FNPF accounts are up-to-date.
Members can use the MyFNPF App, myFUND text services or the Member Portal to view and track their accounts.
The Fund is also reminding Employers that they are responsible for registering their employees within the first month of employment.
“We are aware of cases where members have been told by their Employers to register themselves and this is wrong under the law.”
“It is also the Employers’ responsibility to register their new staff and failure to do this will result in a penalty of $5,000,” said Mr. Koroi. “This is clearly stipulated in the FNPF Act 2011,” he added