July 20, 2011 1 Comment
In 2008, the FNPF under the management installed by the Interim Government credited 6.5 % to the accounts of contributors. They wanted to match the earnings that had been achieved under the previous government. They should never have done this. The Board of the FNPF should have known the earnings were false. They were continuing to pour their funds into property developments which had been hit badly by the coup. When they slashed the value of the investments they had sunk in Natadola, they should have taken the interest credited back. But they feared this would look very bad, and so it does. Now they’re being forced to cut pensions.