The Vanuatu National Provident Fund (VNPF) has reported strong growth and continued innovation in 2024, with the total number of active members exceeding 100,000. Of these, 61 per cent are male and 39 per cent female, reflecting a persistent gender gap in retirement savings. Formally employed men continue to hold more retirement savings than women, although the disparity has narrowed slightly from 45 per cent in 2023 to 39 per cent in 2024.

The largest age group among members is 31–40 years, totaling 26,634 individuals, while those aged 41–50 hold the highest combined savings, exceeding VT10 billion. Overall member savings have declined in recent years, largely due to the introduction of Age 47 Partial Withdrawals and the increased uptake of disaster relief loans, which allow members to offset their loans against savings.

The VNPF continues to support informal and seasonal workers through its Voluntary Membership scheme, established in 2019. Currently, 2,472 voluntary members are registered, including 1,096 seasonal workers. These members contributed VT94 million in 2024, with 87 per cent of contributions coming from seasonal workers. This initiative allows self-employed workers, such as market vendors, fishermen, and kava bar owners, to build retirement savings and access benefits like the Special Death Benefit.

VNPF Mobile Services have expanded access to rural areas on Efate and Santo Islands, enabling members to make contributions, register for membership, and receive VNPF ID cards on-site. Employers can also pay employee contributions through these mobile units or the VNPF Blo Mi app.

In 2024, contributions from 3,597 employers totaled VT3 billion, with surcharges rising 84 per cent to VT61 million. Withdrawals for retirement and partial Age 47 withdrawals amounted to VT732 million, representing 59 per cent of total withdrawals. VNPF also issued VT395 million in microloans to 1,827 members, supporting education, housing, personal expenses, and cultural ceremonies.

The VNPF continues to invest in digital services to improve accessibility and efficiency, reducing the need for in-person branch visits while maintaining comprehensive support for all members.


SOURCE: VANUATU DAILY POST