2 Apr 2009

Samoa's NPF contributors get seven percent interest

11:39 am on 2 April 2009

Almost eighty thousand contributors to Samoa's National Provident Fund, are getting seven percent interest on their contributions this week, to allow them to apply for loans from the government fund or to invest in their financial contributions.

The fund has allocated nine million US dollars from its last financial year profit for the pay out.

A senior manager of the SNPF, Tagaloasa Uili, says the pay out has been made available earlier this month because there is an urgent need for cash by contributors.

The global financial downturn he says is another reason behind the early pay out.

Of the 70,943 contributors who benefit from the seven percent interest pay out, only 21 thousand are still in the workforce.

The rest are no longer at work but still have money in the fund.