SOLOMON Islands National Provident Fund (SINPF) youSave is catching up quickly to formal memberships.
This after 6,132 new youSave members were registered in the year, up from the previous year level of 4,617 new members.
Unlike the formal sector, 6,644 new formal members were registered during the year, up from the previous year’s level of 5,881.
This is an increase of just under 13 percent on 2023 new formal membership.
The youSave program was launched earlier in May 2017 by the SINPF with the technical support of the United Nations Capital Development (PFIP-UNCDF) and funding assistance by the Government of Australia.
The youSave loMobile is a service provided by SINPF under the youSave micro-pension savings scheme.
It is a new voluntary saving scheme designed especially for the self-employed.
SINPF Chief Executive Officer, Mike Wate said as at 30 June 2024 total youSave membership increased to 43,768 members up from 37,645 members in 2023.
He said in 2024 gross savings reached $88,043,796 and net savings of $42,948,212 up on previous year levels by 27 percent and 28 percent respectively.
“Incoming new contributions for the informal sector fell to $18,514,303 down from last year’s high of $30,246,811.
“9,508 benefits worth $10,619,938 were paid out to youSave members in the year,” he said.
Mr Wate said though the number of benefit payments increased from last year’s 8,667, the value of the benefits declined from last year’s benefit payment of $24,036,079.
Furthermore, in the formal membership, Mr Wate said as their economy recovers and continues to grow, they expect new employment to continue to expand.
He said contributions received from employers and formal members increased to $381,990,181 in 2024.
“This is up from $378,748,981 recorded in 2023 for an increase of just under 1 percent,” he said.
Mr Wate said the Fund’s total formal membership with credit balances increased to 152,047, from 147,222 in 2023 for a total contribution value of $3,735,008,416.
He said this is up from last year’s level of $3,504,085,490.
Moreover, Mr Wate said active contributing members increased to 59,871 up by 5.8 percent on 2023 level of 56,606 members.
He said this is with a total contribution balance of $3,075,853,939.
youSave is different to the traditional NPF accounts where employers make contributions. NPF youSave is a new option.
You can join if you don’t already have an NPF account or you don’t have savings made for you to NPF by an employer.
You, as the contributor, make deposits as and when and how much you want to save.
Anyone between the ages 16 to 51 years old. One need to be self-employed –or an employer making contributions for you.
As you save your money and it will grow in value with the annual NPF dividend which comes from NPF investments interest.
By EDDIE OSIFELO
Solomon Star, Honiara
