Christmas has come a little early for the thousands of contributors to the Samoa National Provident Fund (S.N.P.F).
This week, the S.N.P.F Board, under section 36 of the S.N.P.F Act, has declared a “rate of interest of 7.5 per cent for its members in respect of the financial year ending 30 June 2014.”
That means at the close of business day on Monday 30 June 2014, about $30million will be injected into the economy when the S.N.P.F directly credits to members’ accounts what is due to them.
The 7.5 per cent interest will apply to the following schemes;
• The National Provident Fund
• Judiciary Retirement Fund
• Education Fund
The amount due to contributors will be calculated according to a person’s contribution balance as at 1 July 2013, “provided that no withdrawals were made within this financial year.”
In a media statement, the S.N.P.F also promoted its Education Fund.
It reads: “An amendment to the SNPF Act in 2010 has allowed members to open an ‘education fund’ with NPF where they can save and grow funds to finance their children’s tertiary education.
“The quicker you start, the more you can save money to ensure your children will receive quality tertiary education at a University of your choice."
“We encourage members to start an education fund once you have children. Members can contribute to it with a minimum of $20 a fortnight and you can increase it any time."
“It attracts the same annual interest as the NPF contribution accounts. Terms and Conditions apply.