The Solomon Islands National Provident Fund (SINPF) will be making available SBD$5000 to its members under the age of 50.
In his nationwide address, Prime Minister Manasseh Sogavare said this sum will be made available to those below the age of 50 that are temporarily laid off or are repatriated home to the effects of COVID-19.
“Members whose balances are below SBD$5,000 are to be paid 50 percent of their balances. Members who are laid off due to the effects of COVID-19 be waivered the three months waiting period and be paid 1/3 of their contribution or in full, if the balance is less than SBD$10,000”, Prime Minister Sogavare announced.
He said Members who are aged 50 years and above can withdraw up to 20 percent of their contributions should they wish to or else they can elect to withdraw in full.
“The application of member support will be for three months period effective 1st April 2020 to 30 June 2020”, Sogavare added.
He said an exemption of Surcharges will be considered and aligned to the SINPF Board Surcharge Policy.
Sogavare said it is equally important the country’s economy continues to function
with minimal disruption.
“And to that end the Government is in the process of putting together a stimulus package and will widely consult with all stakeholders representing the private
sector in the country to assess the likely effect of a possible prolonged negative effects of the pandemic on the performance of the economy and to agree on a way forward to mitigate the negative effects”.
The Minister of Finance is working very closely with the development and multi-lateral partners in this connection.
Sogavare said the responses have been very encouraging.
He revealed the Government is also implementing fiscal measures to ensure financial resources are available to counter the pandemic and support local businesses during both the emergency period and the recovery phase of this global pandemic.
“We cannot be certain how long this pandemic will continue to threaten our country,
but be rest assured that this Government will do everything in its power to safeguard our nation and people”, Sogavare said.
He said Government is also implementing cost cutting measures and putting together budgetary discipline measures to free up the much needed financial resources to boost the capability of the government to strategically to protect the country’s borders and to deal effectively with any outbreaks.