The Samoa National Provident Fund announced a dividend of 6.6 per cent, totaling $60.1 million, however, only 1.6 per cent would be distributed as cash payout on 1 July.

The remaining five per cent will go to members' contributions. 

The Minister of Finance Lautimuia Uelese Va’ai revealed on Friday morning following the passage of the 2024-2025 budget in parliament the previous night. 

He was accompanied by S.N.P.F.'s CEO, Lemalu Selesitina Meni–Reti.

Lautimuia specified that a total dividend of nine per cent had been earmarked for all S.N.P.F. contributors for the fiscal year ending June 30. 

Of this, 2.4 per cent amounting to $24.77 million was already paid out in January. 

Regarding the remaining 6.6 per cent, Lemalu clarified that $14.6 million (1.6 per cent) would be distributed as cash payout to contributors, while $45.5 million (five per cent) would go into members' contributions. 

This brings the total for the nine per cent dividend to $84.87 million, in contrast to figures from Lemalu citing $81 million.

Lemalu clarified that contributors must access their cash payout exclusively through the S.N.P.F. portal. 

She noted, "The portal will open at midnight on Sunday, and we will begin processing and approving dividends for our contributors starting at 5:30 am." 

Additionally, she explained that contributors below $50 are ineligible for immediate cash payout; their 6.6 per cent dividend will be added to their contributions.

Lemalu outlined that during the dividend distribution period, all short-term loans (S.T.L.) will be temporarily suspended until the process is completed. 

Typically, contributors have three months to claim their cash payouts, with the possibility of extending it to six months if necessary. 

She assured that the Fund has adequate staffing to manage the cash payouts, crediting the efficiency of their online portal system for simplifying operations for both contributors and staff.

Lemalu disclosed that the Fund currently employs 151 staff and serves 34,000 active members, with 33,000 already registered on the online portal. 

She urged those not yet registered to sign up and reminded others to reset their passwords if needed to facilitate claiming their cash payouts.

Lautimuia commended the C.E.O.'s leadership, the Board of Directors, and the entire staff for their efforts, attributing the nine per cent dividend declaration to the Fund's sustained growth and the security of all contributions.