By Staff Writer
Contributors are cashing out their share of the $26m tala the Samoa National Provident Fund started disbursing online in the week just ended.
This is the second one approved by the Board after the $24.4m payout on 12 April 2022 as the first.
The third and last of $16.27m is scheduled for disbursement 1 December 2022.
All added the total payout scheduled over 3 separate occasions works out to a total of $66.7m set aside by the SNPF.
“ In accordance with Section 36 of the SNPF Act 1972, the Board and Management of the Samoa National Provident Fund have resolved to declare a final total rate of interest of 8.2% for the financial year ending 30th June 2022 to the value of $66.7 million tala,” an SNPF statement explained.
“In this Golden Jubilee year celebrating the 50th anniversary since its establishment, we also celebrate the landmark achievement of surpassing 1 billion tala net-assets for the first time – making SNPF the first institution in Samoa to do so.
“Furthermore, as we celebrate Samoa’s 60th independence anniversary, the Board realises that our economy needs urgent financial stimulus and heeds our government’s call for “Inspiring Growth through an inclusive and resilient recovery for Samoa.
“It is in that regard that the Fund has resolved to pay out an unprecedented 100% of this year’s interest declared in cash as our unique contribution to the national effort to inspire growth.
“We give glory and remember the LORD our God, for it is he who gives us the power to produce wealth, and so confirms his covenant…Amen. (Deuteronomy 8:18)”