Members of the Vanuatu National Provident Fund will receive a 2% interest to their savings effective 1 February, 2018.
The 2% increased interest for this year follows a 1.5% increase at the end of last year.
The increase has been confirmed by VNPF General Manager, Parmod Achary.
While making the announcement, Achary said it is a good sign and in line with his forecast and goals.
He said he is happy that he and his Management Team are putting VNPF in the place where it belongs, with a strong management and transparency and accountability and prudent management of funds.
Vanuatu Daily Post reports in terms of collection, VNPF collected Vt1.8 billion last year which was higher than in previous years.
“This was done at a time when the management was still recovering from the bad images and we expected that this year in 2018, our collection will be over Vt2.5 billion,” Achary said.
To achieve the figure, the Management has increased and trained its inspectors and enforcement team in the last two months, as well as increased its presence in the business community and business environment to make sure all employers pay their contributions as required under the Act.
The GM warns, “We will not entertain employers who escape their responsibilities, by building a very strong compliance team and if everything goes well, we expect the compliance team to double the target by collecting an amount of Vt3 billion in members’ contributions next year which is a big achievement for Vanuatu.
“I can assure the members that we are very transparent and if you have any questions, you can come direct to me or if you do not have your contributions paid by your employers, you can see me and I will sort those things out with your employers”.
The Management will open the Inspector’s Department on the ground floor, if employees are not happy with their contributions, they can go to the highly specialised team there to help them.
The General Manager said the Management Team is committed to ensuring that members get the full benefit of what they expect.
Achary is confident of achieving a total interest of 5% to members’ savings in the next three years.