Members must know
Services and Benefits
Contribution Rates Under the NPF Act (Cap 109) every employer is required to pay to the fund a sum equivalent to 12.5% of each employee’s total gross salary each calendar month. This payment contribution comprises 5% deducted from member’s monthly gross salary and 7.5% contributed by the employer on behalf of the employee/member.
Contribution schedule Members’ contributions are paid monthly for each calendar month. 3. Members Account The membership number will consist of two letters followed by three digits and will remain the same throughout a member’s working life. A member should not change his/her name without informing the Fund’s Office of the change. Soon after the end of each financial year (June30th) statements of accounts are normally issued through their employers. The statement showed the amount of money in the mebers account as at end of 30th June in any partucular year. A member who does not receive his/her statement may obtain one by writing to the general Manger or call at any of the Funds offices in Honiara, Auki and Gizo."
Nominations It is vitally important that registered members of the Fund should complete a nomination form [NPF8]. A member may nominate a person(s) but not more than four. Thus, it is easier for NPF to decide on who should benefit from the members fund if the employee dies whilst still a financial member of the Fund. By making a nomination the fund will be able to promptly pay nominees in the events of member’s death.
Special Death Benefit If a member dies prior to withdrawal, his/her nominee will be paid the amount standing in his/her account in the fund together with a special death benefit. The maximum amount of the death benefit is determined by the Board each year but will not be less than SBD$1000.00
SINPF forms are available at the counter.
SINPF Card Membership certificate [NPF7] which often called the NPF Card will show a member’s name and membership number.
Interest Rate After 30th June each year, an interest (whichever declared by the Board) is credited to each members account with the fund. The interest is calculated on the standing amount of the member’s credit at the beginning of the subsequent financial year.