A new pilot savings scheme focused on providing retirement savings plans for self-employed Solomon Islanders was launched last week at the Honiara Central Market. Market Vendors were the first registrants of the new product youSave being trialed by the Solomon Islands National Provident Fund (NPF) through technical support and a USD 176,820 grant from the Pacific Financial Inclusion Programme (PFIP). PFIP also provided 20 android tablets to enable real-time registration of customers.
Traditionally, NPF account holders have been formally employed citizens whose employers have created an account for them. Under the new scheme, self-employed citizens can register and begin saving in the voluntary superannuation scheme, earning an attractive interest rate, which has averaged 8% over the past 10 years.