Vanuatu's Minister of Finance Moana Carcasses Kalosil has finally decided to withdraw the bill for the amendment of the Vanuatu National Provident Fund act.
Mr Carcasses is the Minister responsible for the Fund.
The bill was among 21 government bills to be debated during the last extra-ordinary session last week.
Mr Carcasses told the local media he decided to withdraw the bill following the protest of fund members over the allegations of misuse of their monies, the politicisation and nepotism within the Vanuatu's pension scheme.
He also says he decided to withdraw the bill because of the current investigations on the allegations by the Auditor General.
Mr Carcasses says the bill for the amendment can be re-tabled in next the parliament depending on the outcome of the auditor's report.
Meanwhile, the chairman of the VNPF board, Simil Johnson, says the amendment of VPNF act was entirely initiated by the board and the management in March this year.
He says the amendment was designed to improve the administration efficiency of the fund's management process and expand the range of authorized investments.
