The Samoa National Provident Fund has announced a dividend of 6.6 percent for members totaling $60.1 million tālā following passage of the 2024-2025 budget in parliament late on Thursday evening.
Minister of Finance Lautimu’ia Uelese Va’ai explained that only 1.6 percent or $14.6 million tālā would be distributed as cash payout starting July 1.
The remaining five percent or $45.5 million tālā will be credited to members’ contributions.
Lautimuia explained that a total dividend of nine percent had been earmarked for all SNPF contributors for the fiscal year ending June 30.
Of this, 2.4 percent amounting to $24.77 million tālā was already paid out in January this year.
SNPF CEO Lemalu Selesitina Meni-Reti explained that during the dividend distribution period, all short-term loans will be temporarily suspended until the process is completed.
Contributors have three months to claim their cash payouts, with the possibility of extending it to six months if necessary.
Lemalu also assured that the Fund has adequate staffing to manage the cash payouts, crediting the efficiency of their online portal system for simplifying operations for both contributors and staff.
