BY NED GAGAHE
The Solomon Islands National Provident Fund (SINPF) has recorded strong growth in formal benefit payments, employer registrations, and informal sector savings under the youSave scheme for the financial year ending 30 June 2025.
Speaking on the overview of the Fund’s operation at the recent official announcement of crediting rate SINPF CEO Mike Wate said, a total of 7,789 benefits worth $376 million were paid out to formal members during the year — an increase from 7,554 benefits valued at $342.1 million in 2024.
The bulk of the payments went to retiring members aged 50 years and above.
On employers, registrations improved with 225 new employers joining the Fund in 2025, compared to 192 in 2024.
CEO Wate said this is consistent with the recovery and growth of the national economy over the past two years.
For the informal sector, 6,082 new youSave members were onboarded in 2025, slightly down from 6,132 in the previous year.
However, total membership grew strongly to 49,836 members, up from 43,768 in 2024.
Gross savings under youSave climbed to $107.1 million, while net savings reached $50.7 million, representing year-on-year growth of 22 percent and 18 percent respectively.
Incoming new contributions from the informal sector rose to $19.1 million, compared to $18.5 million last year.
At the same time, 11,262 youSave benefits worth $12.5 million were paid out to members; a notable increase from 9,508 benefits totalling $10.6 million in 2024.
Wate said the figures reflect the continuing confidence of both employers and members in the Fund, and also demonstrates the increasing importance of the youSave scheme in providing long-term financial security for workers in the informal sector.
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