SINPF Board remain vigilant to award 4% interest: Deputy Chairman Riley
The Permanent Secretary of the Ministry of Commerce, Industry, Labour and Immigration Riley Mesepitu has described the 4% crediting rate reflects prudent optimism and the underlying strength of the Fund against future uncertainties.
PS Mesepitu, who is also the deputy chairman of SINPF Board was speaking at the Occasion of the announcement of 2024 Crediting Rate that was held on the 30th September at the Heritage Park Hotel in Honiara.
“Today (30th September) marks a significant occasion in the Fund's calendar, where we gather to publicize the outcomes of a year marked by diligent efforts and prudent financial management of SINPF.
“As the SINPF Board Chairman (ag)/Deputy Chair, I am proud to report that the Fund has achieved a net operating gain of $143,420,619. This accomplishment stands as a testament to the resilience of our strategies and the unwavering dedication of our team, even in the face of economic uncertainties.
“My Board, guided by our commitment to safeguarding the interests of our members as well as being mindful of the economic headwinds facing our nation, has undertaken a meticulous evaluation of the Fund's financial performance
He explains after careful deliberation and thorough analysis of the Fund’s investment returns and after deducting for all board and operational costs 2) the Board’s investment objective; 3) the reserving requirement of the Fund; 4) the Fund’s code of conduct; and the 5) the minimum statutory 2.5% crediting rate as specified in section 8 of the NPF Act, we are pleased to consider a reasonable rate.
“As a Board, with care, prudence and fairness to our members, we believe the rate that the 4% rate reflects our prudent optimism and the underlying strength of the Fund against future uncertainties.
He said while we navigate these challenging times together, the benefits of this crediting rate will extend to our more than 205,000 formal sector members and 43,000 informal sector members, underscoring our steadfast commitment to inclusivity and shared prosperity.
“We are living in tough times, and families are facing increasing financial pressures. In keeping with our commitment to stand by our members during challenging times, my Board has also considered a reasonable Special Death Benefit of 8,500. We hope this benefit will offer some comfort and support to bereaved families, easing the burden during their time of loss.
