BY NED GAGAHE
The Solomon Islands National Provident Fund (SINPF) has continued to deliver for its members, with benefit payments, membership growth, and strong liquidity reported for the financial year ending 30 June 2025.
Speaking during the official announcement of the 2025 crediting rate at the Heritage Park Hotel yesterday, SINPF CEO and General Manager Mike Wate said a total of 7,789 formal benefits worth $376 million were paid out during the year.
This marks an increase from 7,554 benefits worth $342 million paid in 2024, with the bulk of payments going to retiring members aged 50 years and above.
Employer registrations also grew, reflecting ongoing recovery in the economy with 225 new employers joining the Fund in 2025, up from 192 from the previous year.
Wate highlighted the continuing growth of the Fund’s youSave product, which caters for workers in the informal sector.
6,082 new youSave members were registered in 2025, slightly down from 6,132 in 2024.
Total membership climbed to 49,836, compared to 43,768 in 2024.
Gross savings reached $107.1 million, while net savings stood at $50.7 million — up 22% and 18% respectively.
Contributions from informal members rose to $19.1 million, compared to $18.5 million last year.
Benefit payouts to youSave members also increased, with 11,262 benefits worth $12.5 million paid, up from 9,508 benefits worth $10.6 million in 2024.
“This shows more Solomon Islanders in the informal sector are trusting the Fund to save for their future, and they are also receiving increasing benefits from their savings,” Wate said.
The Fund’s liquidity position also remained strong, despite declining net contributions.
SINPF recorded a net contribution of $40.3 million after incoming contributions of $431.7 million against member withdrawals of $391.5 million. This was down from $67.5 million in 2024.
Nevertheless, free cash reserves rose to $284 million, compared to $213.7 million last year.
“These reserves ensure we can meet member withdrawals at any time, while also providing funds for new investments currently under consideration,” Wate explained.
Wate assured members that all benefit payments are fully financed from incoming contributions, while investment income is used to fund new ventures and cover operational costs.
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