27/05/2026
FTUC Press Release:Wednesday, 27th May 2026
FNPF Policy Review
The FTUC calls upon FNPF to review its policy on declaring annual interest rates and distribution of interest to members. This has become necessary due to FNPF now allowing deposits from members in addition to normal contributions. We are aware that large sums of money are being deposited by those that can afford and obtain overnight high interest rates such as one declared last year at around 8.25% while the bank would only give between 1% and 2% interest.
A member with $40,000 would have got an interest of $3,300 while a member with $1,000,000 would have received $82,500 as interest payment. Of the 436,860 members only 4,062 members have savings of $100,000 or more up to more than a million dollars which accounts for only 3.6% of FNPF members. Of the total membership only 0.5% have savings of $250,000 and up to more than a million dollars. These are the ones who get the real cream from FNPF with the current FNPF policy on deposits, mainly from business owners who actually benefit disproportionately from the FNPF current portfolio. This is simply unfair. It appears that FNPF is operating as a stock market where you can invest without risk and benefit from its profits overnight except that you cannot sell shares, while 86% lifelong members get the crumbs.
The FTUC calls upon FNPF to review its policy on deposits and distribution of profits. The interest rates on deposits that are in excess of the normal contribution rates must be lower so that legitimate members get a higher percentage of interests. The current policy actually promotes the inequality and extends the gap between the haves and the have nots. Put simply it is a policy to make the rich richer. It is no longer about a decent retirement but a quick money-making scheme for the rich. This abuse must stop and greater attention must be paid to the core function of FNPF.
Felix Anthony
National Secretary
