Fiji pensioners who are paid their pensions by the Fiji National Provident Fund will not receive any Cost of Living Adjustments similar to those given to public servants and government pensioners.
Answering questions in parliament, Fiji's finance minister. Ratu Jone Kubuabola, said government pensioners are paid out of state revenue and there are budgetary provisions for increases.
But, he said, Fiji National Provident Fund pensioners are paid out of their accumulated pension reserves.
Ratu Jone said pensioners would continue to receive their pensions even after their reserves are exhausted up to their death because that is their contract.
The finance minister said if Cost of living Adjustments are considered for Provident Fund pensioners at the prevailing annuity factor, the sustainability of the pension will be jeopardised.
Ratu Jone said Cost of Living Adjustments could be considered if the retirement age is raised, or the interest rate paid to members is lowered or excluding inflationary adjustments for those on higher pensions
