The Samoa National Provident Fund has declared a 2.4 per cent dividend payout worth $24.77 million to its contributors to be rolled out in early January, and Samoans would be able to access this money in the coming weeks.

The Minister of Finance whose portfolio also covers the S.N.P.F., Lautimuia Uelese Vaai announced in Parliament on Tuesday during the tabling of the supplementary budget. 

Lautimuia told the House the decision was made by the Board of Directors to disburse the 2.4 per cent for its contributors for the current financial year. 

The total cost of the payout is worth $24.7668 million, he added. 

The online portal will be opened for applications to access the payout commencing 10 January 2024. 

“It is hoped it will assist the contributors for preparations of back to school for the start of the year.” 

Contacted for a comment, the Minister of Finance clarified the payout is not a loan but a dividend payout to members of S.N.P.F. 

He said the fund will release a statement later in the week to explain the terms and conditions of the payout. 

Members of the public welcomed the payment from the S.N.P.F. that will greatly assist in preparing their children for the start of the year. 

Others were hoping to have the payment for the festive season but the Government has given priority to children's back-to-school preparations. 

In December 2022 N.P.F. paid its members two per cent in cash which was a total of $16.27 million.