For the first time ever, the Vanuatu National Provident Fund (VNPF) has decided to organise public forums in Port Vila after Santo, to update members on its decisions.
Holding a forum is important for VNPF to share information on what it has and will be doing at the same time, it gives a voice to members to question and raise relevant issues concerning their funds, said the Minister of Finance and Economic Management (MoFEM), Gaeton Pikioune.
Tackling something important face-to-face in an open forum is better than social media or Facebook which can only leads to more frustration, Minister Pikioune said when addressing the VNPF Members Forum this week.
Minister Pikioune briefed members on how bad management practices in 2016 have led to the Commission of Inquiry into some of VNPF’s unprofitable investments.
Some people will be facing court once works by the criminal task force headed by the Ministry of Justice are completed this month (June) is complete and the report is handed in, he said.
Minister Pikoune said it is the desire of the government to see VNPF grow in an efficient manner under the new management board, and be able to maximize member’s entitlements to improve living standards.
Creating an housing and education assistance scheme, medical assistance and insurance scheme, financial assistance and insurance and special death insurance are some of the future plans of VNPF outlined by the General Manager (GM), Parmod Achary.
According to the GM’s presentation, the average contribution collected for the fifth month of this year was Vt185.5million.
“During the same period in 2016, the collection was Vt135million and Vt157million in 2017. It shows increase of almost Vt34million compared to 2017.
“Total members’ funds grow by Vt927 million in the first five months of 2018 whereas in 2017 it was Vt758 million.
“The increase in collection was reflected in the change in management focus and increasing number of operational staff to collect unpaid collections”, he conveyed.
VNPF will be organizing another dialogue today (Thursday) for employers or business houses.
The VNPF Employer’s Forum starts at 4.30pm and will close at 7pm.