Tuesday, June 21, 2011

FNPF’s Jaoji Koroi continue on with his deceitful bidding for the junta

Posted on Raw Fiji News - 21 June 2011


Jaoji Koroi
FNPF’s Chief Investment Officer, or should we say, Chief Liar Officer, Jaoji Koroi, is spinning another deceitful web today on Fiji’s radio waves.
The radio reporter said that “members of Fiji National Provident Fund will now have the opportunity to nominate people for the FNPF board.”
“Chief Investment Officer Jaoji Koroi said that currently the membership of the board is appointed by the Finance Minister where two people are chosen by the government, workers and the employers.”
“However, he said now the intention is to maintain one each from those three parties but four members will be appointed independently.”
Should FNPF members believe Jaoji and his backers? Should FNPF members continue to pay big salaries to this type of merciless executives who are trying to reduce pensioners’ take home money to below poverty line?
We say pay to Caesar what is Caesar’s or pay to pensioners’ what rightfully belongs to pensioners’!
Below is an excerpt from Wardan Narsey’s paper on FNPF that rebutts Jaoji Koroi’s half truths.
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The FNPF Consultants’ next Board?
By Wardan Narsey
Possibly the most horrifying aspect of Promontory’s nasty role in this exercise is their explicit recommendations for the continued Military Regime’s total control of the FNPF Board.  ie for the major borrower from the bank to continue to control the bank.
The Promontory consultants recommend a 14 person Board, with 7 appointed by the “Minister”, 1 “Government” representative (ie the Military Government will already appoint 8 out of the 14 and effectively control the Board), 4 Independents, 1 from employer groups and 1 from employee groups.
Pray, why only 1 for all the hundreds of thousands of employees who actually own the money in FNPF?  Tomkins and Mason facetiously refer to the “ILO Committee of Experts” as if this justifies the token representation for the employees.
Who will select the 4 “Independents”.  Who knows?
Why cannot the majority of the Board be elected by the FNPF Members so that their interests are solidly looked after?
The Tomkins and Mason presentation cynically stated “elections for Board members not practical – and too expensive”. Wow.
Here we have an FNPF which proudly boasts of being highly computerized in its financial and demographic data; all the mailing addresses of the FNPF contributors and pensioners should be known; all should have their own ID cards. If any pensioner does not show up every six months their pension stops.
It would be simple enough for all these FNPF members, over a one month period at their leizure, to go into any FNPF office throughout Fiji, and cast their votes for their own representatives to the FNPF Board- with separate representation for contributors younger than 40, those between 40 and 55 and the pensioners, to ensure all interests of FNPF owners are safeguarded; and by all means have eligibility criteria such as education, lack of criminal records etc.
But no, our expensive overseas experts saw this as too “impractical and expensive”!
So despite seeing with their own eyes the massive financial damage that has been done to FNPF by its major borrower and controller (the Government) and the total lack of accountability of the FNPF Board and management to its real owners (the contributors and pensioners), what do our great expert consultants recommend?   More of the same.
What did FNPF pay these expensive consultants?
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Fiji pensioners right to live a dignified life should be respected by FNPF board and management

There is no arguing the fact that Frank’s National Provident Fund illegal vigor to victimize its pensioners is nothing short of an undignified bigotry act against Fiji’s elders.
This is an outright scam by the junta’s FNPF board and management in trying to rip off money owed to pensioners what FNPF contractually promised them they will get monthly during their old age.
10,836 Fijian pensioners are on the firing line come July 1st, 2011, and it ain’t a good future to look forward to.
“Like all other pensioners whose sole income to sustain our livelihood is FNPF pension, I have been having sleepless nights ever since the announcement was made of the drastic reduction of our pension rate from next month – July 1.  In my case if the reduction is as proposed I will suffer a loss of 64 per cent of my present pension. This kind of drastic cut will no doubt have a traumatic effect on us oldies, both physically and psychologically, forcing many to seek counselling for survival,” said James Raman.
James Raman’s plea is a cry for help from not only 1 but 10,835 other Fijian elders who depend on their FNPF pension money to live a dignified life.
The financial, social, economic and psychological implications of this inhumane act by FNPF’s current board and management is deadly, an act that will no doubt drive many of these law-abiding hard working elders to unspeakable hardship they don’t deserve.
It is also time for the younger generation of Fiji to stand up and fight for the rights of your 10,836 parents. You owe it to them for the years of hard work and struggle they had to endure to make you what you are today!

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