By Staff Writer
History is made by the Samoa National Provident Fund, SNPF, as the first financial institution in Samoa to surpass the $1 billion tala worth of total net assets.
The rare historical achievement, stands out for the SNPF like a shinning star of hope in the bleak horizon of a national economy, struggling against the COVID 19 paralysing influence.
Businesses have been on standstill from health security lockdowns, restricted operating hours, staff laid off, price hikes to baloon the cost of living and these are just to name a few of the financial strains for Samoa.
The more immediate attention is on the Fund celebrating its Golden Jubilee by gifting an injection of $42.35m tala into the struggling local economy, through the pockets of contributors, at a time when they needed it the most for financial relief.
The current active membership is around “…32,000 up from 31,000 during lowest ebb of the pandemic crisis.”
Dividends of 5 percent are being paid out in cash based on members contributions starting with 3 per cent and the balance to be cashed out at the end of the year.
The latest update announcement by SNPF Chief Executive Officer, Pauli Prince Suhren, noted that more than 13 thousand contributors have already received their 3 per cent cash dividend paid directly into their bank accounts.
The payout amounts to more than $14 million tala disbursed so far.
“This is our golden Jubilee, so everything gold is good,” CEO Pauli quipped.
Despite the happy mood of the golden anniversary celebrations, he acknowledged the negative effects of the pandemic with the drop in contributing members due to lay-offs, especially in the hospitality sector.
“However, we have counter-balanced by enlisting our RSE workers as voluntary contributors thus boosting the numbers again.”
The financial status of the Fund has grown from a ‘total net profit of $35.6m tala in 2017 to $85.6m last year in 2021, with total net assets blossoming from $629m tala in 2017 to $928m in 2021.
Another highlight for the Fund is looking forward to is the official opening of its new Salelologa building this month to be included as part of the continuing celebrations of 50 golden years since the SNPF was established.