General Manager of the Solomon Islands National Provident Fund, Tony Makabo, revealed that an amount of SBD$ 81-point-five million will be immediately credited to members' accounts.Makabo says this is the highest so far in the history of NPF since its inception in 1976. He says this is an increase of 350 percent in interest rate from the four percent interest rate awarded last year.
Mr Makabo says during the financial year ending June 30, NPF has generated a total income of 126-point-five million, an increase by 193 percent compared to last years 43-point-two million.
Mr Makabo attributes the substantial rise in income to capital gains on the sale of NPF shares to Bank of South Pacific, bad debts recovery by government on behalf of provincial governments and State Owned Enterprises, special dividend payments from NBSI, interest from provincial and SOE's loans and dividend received from Our Telekom. He says the Fund has incurred an operation surplus of over 100-thousand dollars.
The National Provident Fund announced that the unprecedented and record-breaking interest rate award of 18 percent will be on top of the 2006 contribution balances of members. Mr Makabo says the National Provident Fund is financially strong and stable.