SINPF considers partial payment proposal

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SINPF Building in Honiara
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By EDDIE OSIFELO

SOLOMON Islands National Provident Fund has considered the proposal for partial payments to members of the fund during this pandemic.

Chairman of SINPF Board, Dr Jimmy Rodgers confirmed this during the Talk Back show yesterday.

Dr Rodgers said the NPF is waiting for formal submission from government for this process to be considered.

He said the Board is ready to consider that, just hold on, while process is completed, they will let you know.

Speaking at the opening of Solomon Finance Bank last Friday, SINPF Deputy Board chairman David Rupokets also shared a predicament SINPF board has been facing when considering member requests for exemptions for partial withdrawal of their savings.

“The dilemma faced by the board is reconciling these requests against the key object of the fund that their funds accumulated over time should be held for their retirement and old age.

“Today, these exemption requests made to the Ministry of Finance is increasing.

“For the first eight months of our 2022 financial year, we have received more than 400 requests for exemption.

“The major reasons for the exemption requests are school fees, medical and health fees, building of a house, purchase of a land and establishment of a small income generating business.

“When members draw on their retirement funds which are intended for their old age, they will reduce what is available to them when they reach their retirement age.

“With the commencement of SFL, members can now channel these requests through the SFL with well-planned proposals,” Rupokets said.


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