More than VT500M in members’ contributions last month

May 4, 2026 9:47 pm | Posted in Business News | Share now TwitterFacebook

By Anita Roberts.

The Vanuatu National Provident Fund (VNPF) has collected more than VT500 million in members’ contributions last month.

This was conveyed by the General Manager (GM), Paul Kaun, during yesterday’s launch of Healthcare Vanuatu Limited (HVL), attended by the Deputy Prime Minister (DPM) and Minister of Finance, Johnny Koanapo.

He said it is the Fund’s highest monthly record, attributing it to the increase in the mandatory contribution rate approved by Parliament in October last year.

Previously, all members of the Fund have had four per cent of their salary deducted by their employers for contributions every month, while employers contribute another 4 per cent, making a total contribution of 8%.

Last year, the Deputy PM tabled a Bill in Parliament to increase the total contribution rate to 12 per cent, with employees and employers each contributing 6 per cent.

GM Kaun said the contribution rate has increased each month following its approval by Parliament.

The new rate became effective early this year after being gazetted by the Office of the Attorney General.

“With this rate, the total funds of VNPF now stands at around VT34 billion, and could grow to VT45 billion or even VT50 billion over the next three to five years,” he said.

This can only be achieved through increased contributions, strong investments, better management, and efficient operational costs, he added.

VNPF contributions have been growing consistently year by year.

Currently, VNPF has over 100,000 members in both the informal and formal sectors.

VNPF has more than 6,000 active employers nationwide, but only some are complying with the VNPF Act. Under the law, it is compulsory for all employers to pay contributions for any employee who earns VT3,000 or more per month.