SNPF contributors receive 4% cyclone bonus

The old SNPF Building

The old SNPF Building

By Lagi Keresoma

THURSDAY 31 JANUARY 2013: An interim interest of 4% will be received by contributors of the Samoa National Provident Fund (SNPF) and members of the Judiciary Retirement Fund to assist them “in recovering as a result of Cyclone Evan and  this will be effective from Monday 4th February 2013.

However, there are conditions attached to the bonus. Only those with “credit balance as of July 1st 2012 of $1250 or more with no withdrawal will receive the 4% in cash after being cleared by SNPF”. Those with contribution balance of less than  $1250 as of July 1st 2012 “will not receive any cash payout but the final interest to be declared by June 2013 will be accredited to their contribution account.”

This was confirmed  by the Miinster for Finance Faumuina Tiatia Liuga in a press statement today. He said he hopes that the cash payout of $16 million will stimulate the economic activities in the country.

To counter the problem of people crowding in at the same time, SNPF has opened three floors of the main SNPF Building to operate the bonus payout from. Members will recieve money through electronic banking at any of the four local banks. Conditions are also given that members can only register at one bank.  For Savaii, there is no need for contributors to tavel to Apia as the service will be provided at Salelologa.

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