SOLOMON Islands National Provident Fund (SINPF) has experienced a decrease in net contribution from formal sectors this financial year.
Unlike the informal net contributions, it has increased compared to last year.
SINPF Chief Executive Officer (CEO), Mike Wate confirmed this during the crediting rate announcement at Heritage Park Hotel on Monday.
Mr Wate said the formal sector net contribution of $39,837,648 was recorded between incoming contributions and outgoing member withdrawals for the year.
He said the positive net contributions is down from the previous 2023 financial year net contribution of $42,404,549.
Whilst in the informal sector a net contribution of $7,903,364 was achieved, up from 2023 level of $6,210,732.
Mr Wate said this means that all member benefits for the two sectors are financed from incoming contribution whilst funds from investment activities are used to finance new investments and meet board costs.
He said the overall cash and cash equivalents settled at $213,740,866 at the end of the year.
“This is up from $205,736,131 recorded in 2023,” he said.
Mr Wate said these free cash are earmarked for potential new investments that are currently being investigated and assessed for Board and Minister of Finance consideration.
By EDDIE OSIFELO
Solomon Star, Honiara
