NO enforcement to the NPF 10% minimum member and employer contribution until July 2022

A ten percent increase in contributions to the Samoa National Provident Fund(SNPF) will come in effect next July 2022.

Parliament had approved the increase while passing the NPF Amendment Act 2019, the increase to 10% was effective as of 1 July 2021 but due to the ongoing ramifications of the COVID-19 pandemic, the NPF decided not to enforce until next year.

“However, having considered the ongoing ramifications of the global COVID-19 pandemic on our national economy and the ability of certain businesses to make ends meet - The Fund has again decided not to enforce compliance to the 10% minimum member and employer contribution until 1 July 2022. (This does not affect those who have already changed or are willing to change earlier to the 10% minimum.)” the Statement says.

The increase of contributions ensures that members will have more funds available to them at retirement and even more so as the Fund plans to build on its record of paying out high yield dividends in the future. In addition, increased contributions mean all members have faster access to their entitlements and greater and more flexible options available for borrowing.

The Board and Management of SNPF pledge to invest these contributions in lucrative investments that maximise returns for all members whilst also ensuring a high level of immediate ‘access to finance’ for our people, stimulating economic activity and growth for Samoa.

This notice supersedes all previous notices on this matter.