Friday, 2 July 2010 3:07 PM

NPF Earns Millions

The National Provident Fund earned more than 72 million dollars in the financial year which ended 30th June 2010.

Finance Minister Billy Hilly revealed this yesterday when announcing the 5% interest to the Fund's members.

Mr Hilly said these incomes were derived from the Fund's investments, largely attributed by interests' earnings, property rentals and dividend payments received.

He said the Fund spent about $31 million dollars on its ongoing operational costs in the last financial year.

Mr Hilly said after deducting the operational costs from the earned incomes, the gross surplus achieved was $41.5 million dollars.

He said despite the hard times, the Fund has increased its total assets to an unprecedented level just over one billion dollars from the 2009 level of $971 million dollars representing a growth of about 12 percent.

The members' contribution funds also continued to experienced upward growth during the financial year. The total contributions at the end of the financial year has reached over $959 million notwithstanding the highest ever withdrawals by members of $61 million. The total members' contribution funds have increased by 8.7% from 2009 financial year, an amount of $875 million.