SNPF announces cash injections for members starting 01 July 2020

APIA, SAMOA – 28 JUNE 2020: Contributors to the Samoa National Provident Fund will have two forms of cash injections to their accounts starting Wednesday this week, 01 July 2020.

The two injections total $35.5 million tala and will be in the form of:

• $21.3 million to be credited to the members account and
• $14.2 million to be paid in cash to members.

There will be a further two payments with another cash payment of $10.6 million to members on 30 November this year and another cash payment to members on 22 March 2021.

According to NPF, this is part of the total dividend of 9.1% for the financial year ending 30 June 2020.

The total value comes to $64.5million tala and includes the $7.8 million paid in cash to members on 2 December 2019.

NPF said is recognizes the economic adversities facing Samoa at the present time as a direct consequence of the Covid-19 pandemic.

“The Board and Management then decided to pay out the amount of $43.2 million talā in cash designed to provide much needed financial assistance to our members and their families.” The cash payment equates to 6.1% of the declared dividend.

Disbursements of the dividend as follows:

• $21.3million (3%) to be credited to members contribution accounts on 01 July 2020;
• $14.2 million (2%) paid in cash to members on 1 July 2020;
• $10.6 million (1.5%) paid in cash to members on 30 November 2020;
• $10.6 million (1.5%) paid in cash to members on 22 March 2021.
• $7.8 million (1.1%) already paid to members on 2 December 2019.
  TOTAL: $64.5 million.