Sunday, February 17, 2013

Reduced retirement age affects union's savings

MEMBERS of the Fiji Public Service Credit Union were badly affected when the government reduced the retirement age from 60 to 55 years.

And senior members were compulsorily retired which had a direct consequence on FPSCU savings, share capital build-up and lending.

This was highlighted during the union's annual general meeting which saw more than 500 members yesterday converging at the Suva Civic Centre not only to raise their views but also select their new officer bearers.

Chairman Anare Vadei said there was a need to attract more young people to the union to increase business volume.

"(There is) an urgent need to replace and attract new members to join the credit union, as it was very important to the long-term viability and growth of FPSCU," Mr Vadei said.

He said the union had been serving members for the past 37 years and had withstood the tests it faced.

The union in 2011 recorded a profit of $729,664 however in 2012 it declined by $28,835.

The union however, continued to take necessary legal actions against bad debtors.

Mr Vadei said this was a common problem in financial institutions and the credit union would be strict with its lending policies to minimise bad debts.

He said the best way of improving revenue was to build up membership.

He said this would increase cash flow and market the credit union's services to the public.


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