Samoa superannuation fund records boost in contributions

Source: RNZ

The Samoa National Provident Fund (SNPF) member contributions increased by seven percent in 2023 to $140 million tālā (NZ$82.6m)compared to $131m tālā (NZ$77.3m) in the previous year.

According to the SNPF 2023 annual report, the surge in member contributions was attributed to better compliance measures by the management in working together with employers.

The reporting period also noted the growth in the number of active members for the fund from 31,385 to 34,066 a 9 percent increase from the previous year 2022.

The report indicated an increase in voluntary contributors who have registered with the fund both local and overseas members including those on the Recognised Seasonal Employer (RSE) Scheme.

A total of 174 new employers have also registered with the fund increasing to 1998 at the end of 2023.

In terms of withdrawals, a total of $92.4 million was withdrawn in 2023 compared to $64.8 million recorded in the earlier year.

The annual report also mentioned the improvement in process with the online portal service with 38,741 members signed up on the platform.