24 May 2012

Samoa National Provident Fund warns contributors before dividend payout

12:07 pm on 24 May 2012

The Samoa National Provident Fund board has now approved a five-percent dividend payout to thousands of its contributors.

The board had orginally approved a payout of only four percent, and to put the other four percent towards the contributor's funds.

However the Prime Minister, Tuila'epa Sa'ilele Malielegaoi, during the celebration the 40th anniversary of the NPF, urged the board and the management to reconsider their decision.

Tuilaepa says five percent should be paid out instead of four because contributors will also seek small loans from their contributions.

The payout will start next Monday, before the beginning of the five-day public holiday to celebrate 50 years of independence from New Zealand.