REFORM MANDATE

In the last few years the International Labour Organisation (ILO), World Bank (WB), International Monetary Fund (IMF), Mercer Australia and lately Singapore Cooperation Enterprise (SCE) have highlighted gaps in the Fund that borders on sustainability and noncompliance  with social security conventions and best practices. 

These studies together with recommendations from Reserve Bank of Fiji, external auditors, customer surveys and internal researches have formed the platform for the reform in the Fund policy, law and practices to ensure the gaps identified are bridged and Fund grow sustainably.

The Government is well aware of the need to reform the Fund and in his Budget address in November last year, the Prime Minister and Minister of Finance mandated the Fund to undertake structural and operational reforms to address the Fund’s sustainability.

The major objective of this media conference is to provide you with an update on the progress of the reforms over the last six months.

Before that, I would just like to recap the major reforms being undertaken within the Fund.

1. Investment Rehabilitation
2. Pension Review
3. Review of the FNPF Act
4. Review of Member Benefits & Partial Withdrawals
5. Review of Contributions, Coverage & Collections
6. IT Strategic Review
7. Business Process Re-engineering.

These reforms are all being undertaken concurrently and as a package – in that these projects are inter-dependent. The success of one is critical to the success of others.

The timelines for these reforms vary from 12 months to 36 months.