$185,468,705 to be paid to SINPF members following 6% award

A total interest of $185,468,705 will be paid to Solomon Islands National Provident Fund members by the end of September following yesterday’s announcement of a 6% award by the Minister of Finance and Treasury Harry Kuma.

The 6% crediting rate to members was an increase from last year’s 2.6%.

Kuma said: “A total interest of $185,468,705 will be credited to your accounts as from 30 September 2023 and an undistributed profit of $23,288,704 to be ploughed back into the Fund’s general reserve for future volatility.”

Membership

According to the CEO of SINPF Michael Wate, a total 5,888 new members were registered during the year, up from the previous year’s level of 5,261.

He said this is a positive outcome as this reverses the downward trend that started in 2020 with the commencement of the covid-19 pandemic, the effects of the November 2021 Honiara riots and the Ukraine war.

Wate said total membership with credit balance slightly increased to 147,244 members, up from 145,977 recorded in the previous year whilst contributions received from employers and members increased to $409.6 million up from $365.3 million in 2022 recording an increase of 12%.

Total member contributions balance therefore increased to $3.5 billion from $3.4 billion in 2022.