Vila Times

‘VNPF needs investments for its members’ benefits’

‘VNPF needs investments for its members’ benefits’
‘VNPF needs investments for its members’ benefits’
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The General Manager of VNPF Parmod Achary said the fund can invest in Unelco, TVL which is owned by ATH from Fiji, National Bank of Vanuatu and why not having shares in VBTC now it makes some returns after many years of struggling. These are investments where VNPF can have dividends to benefit its members,” said the General Manager.
He revealed that when VNPF has more money through these investments, his dream as General Manager is to bring some modifications to VNPF Act with hope to introduce the life insurance, the medical insurance and the death insurance.
The Chairman of the VNPF Board, also present, said the existing VNPF Act does not allow money withdrawal for big investment by members “as the monthly contributions are only for retirement benefits. But we can have some kind of things in future when we will have money. He said the VNPF’s vision is let members have access to a certain percentage of their money to invest when each of them reaches 50 years, so that he can enjoy life before reaching the retirement age which is 55.”
To answer a question about the outcome of the findings being a subject of a report by the Commission of Inquiry (CoI) concerning some investments VNPF has gone through, the Chairman said “VNPF is not concerned anymore as it is not its role to look for an avenue after the works done by the CoI. The Minister of Justice set up the Commission of Inquiry and the findings have been brought to the attention of the Council of Ministers. To prosecute who and for what is not the responsibility of the VNPF.”
Some members of the public who were present at this meeting have raised their concerns about the absence of people who are so called administrators of social media forums. They were supposed to be present to question the management of VNPF on issues they may think would be a scandal for the fund.