The Solomon Island National Provident Fund (SINPF) is a Social Security Scheme established in 1976 following an Act of Parliament, Solomon Islands National Provident Fund Act 1973. The inception of the Fund is a product of SINPF Act 1973. The Act provides that the Fund laws and regulations shall be compulsory, thus all employees or workers through their employers are obliged to pay contributions to the Fund.
It provides a cash sum, or in course of time, an annuity for workers at the end of their working lives. It also has some economic benefits for the development of the nation. Prior to SINPF’s establishment, many workers during those times, returned to their homes almost with no saving or with little saving at the end of their employment. Most of these families ended up desperate, insecure and uncertain about their future.
The Government realized such difficulties faced by the workers during those times and the need to consider the situation become so important. Through a thorough consideration and evaluation of the situation, the late Hon. Anthony Saru, a member of the governing council successfully moved a motion in Parliament for the introduction of a savings scheme in a form of a provident fund on the 27 November 1970.
In April 1973, the SINPF Act 1973 was passed in Parliament with actual operations commencing in October 1976.