Samoa National Provident Fund contributors will have 6.3. per cent dividend deposited in their accounts, as the final payment of the 8.3 per cent promised for this financial year, but there is a twist. 

There will be no cash payments for all SNPF contributors and members, the Samoa Observer can reveal. 

While a press conference scheduled by the Fund for 8 am this morning was postponed overnight to 2 pm, this newspaper can confirm that Cabinet in its meeting on Wednesday this week approved that there will be "no cash payment". 

This decision is outlined in Cabinet Directive FK(23) 25 in its deliberations on Wednesday 28 June 2023. A copy of the FK was obtained by this newspaper. 

Signed by the Secretary to Cabinet, Agafili Shem Leo, the Cabinet directive explains that a total of 8.3 per cent was allocated for payment to contributors pursuant to Section 36 of the S.N.P.F. Act for the fiscal year 2022/2023. 

Of the 8.3. per cent, 2 per cent has been paid out to all the members and contributors of the Fund in January this year. However, contributors will have a 6.3  per cent dividend injected into their accounts and members can loan from this money. 

More details will be available after the press conference at the S.N.P.F. headquarters in Apia today at 2 pm. 

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