What do latest FNPF announcements mean?
October 14, 2011 1 Comment
The Government’s backing away from the proposal to force everyone to take pensions (after pensions have been reduced) should come as no surprise.
A lot of Fijians have long had plans to take their lump sum and retire to the village.
Suddenly changing the system so that people could no longer get lump sums would have made a lot of Fijians very angry. On the other hand, the announcement of the cut in pensions made a lot of Indians (and ‘Others’ like Mr Burness) very unhappy.
But the truth is that Bainimarama listens when his troops complain. When anyone else complains, he says he has to make tough decisions in the national interest.
Now what we are going to find out is what happens when everybody starts asking for their lump sum. A lot of people don’t have faith that their money is safe in the FNPF, so they may all ask for a lump sum.
That will be the day when Bainimarama has to make some really tough decisions.