The Samoa National Provident Fund (S.N.P.F.) has declared a significant increase in its "Back to School" dividend payout for 2024, raising it from 2.4 per cent to four per cent. 

The announcement was made on Thursday afternoon by the Minister of Finance, Lautimuia Uelese Va'ai, whose portfolio also oversees the S.N.P.F., alongside the Fund's Chief Executive Officer (C.E.O.), Lemalu Selesitina Meni-Reti. 

The increased payout will commence on Monday 27 January 27 2024, and is expected to benefit thousands of contributors across Samoa.

Lautimuia acknowledged that the announcement had been eagerly awaited by the public, especially with the new school year approaching. 

He noted that while the S.N.P.F. Act does not mandate a dividend payout, the government and the Fund have chosen to make the distribution as a way of supporting families, particularly at a time when parents are preparing for the academic year ahead.

“This payout is timely, as it aligns with the priorities of our government to ensure that all children have access to education,” Lautimuia said. 

"We understand the challenges that families face during this period, and we hope this dividend will help ease some of that financial burden.”

The payout is estimated to cost over $43 million and will be distributed over the next three months. Lautimuia emphasised that this increase in the dividend reflects the positive financial health of the S.N.P.F., with the Fund's revenue and profits showing strong growth.

“This increase in the dividend compared to previous years is a clear indicator that the Fund is in a good financial position and that the contributions of our members are safe and well-managed,” Lautimuia explained.

The four per cent dividend will be paid out in cash to all contributors with a balance of $50 or more in their accounts. 

For those with less than $49, their dividend will be directly added to their contributions. 

Lemalu, the S.N.P.F. C.E.O., encouraged contributors to claim their dividends online via the S.N.P.F. portal. 

“We urge everyone to make use of the online portal for a quicker and more efficient payout process,” she said. “For those who haven’t registered or who have forgotten their login details, our office will be open on Friday to assist before the portal officially opens for the payout on Monday.”

Lemalu added that moving forward, the Fund no longer encourages members to visit the office in person to claim their dividends, as the online system has become the preferred method of distribution.

She also noted that over 34,000 members are currently active in the S.N.P.F.

The increased payout this year reflects the Fund’s strong performance and its ongoing commitment to supporting its members. 

Lautimuia expressed optimism that the Fund's financial health would continue to improve and that future dividend payouts could see further increases.

The "Back to School" dividend initiative is expected to provide significant relief to families across Samoa as they prepare for the new school year, demonstrating the government's ongoing support for the well-being and education of its citizens.