Group Title: National Provident Fund Bulletin. No. 1.
Title: National Provident Fund Bulletin
Full Citation
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 Material Information
Title: National Provident Fund Bulletin
Series Title: National Provident Fund Bulletin. No. 1.
Physical Description: Serial
Language: English
Creator: Dominica. National Provident Fund.
Publisher: Dominica. National Provident Fund.
Publication Date: 1970
Subject: Caribbean   ( lcsh )
Spatial Coverage: Caribbean
 Record Information
Bibliographic ID: UF00072705
Volume ID: VID00001
Source Institution: University of Florida
Holding Location: University of Florida
Rights Management: All rights reserved by the source institution and holding location.

Full Text

By way of providing information to the General Public on the
operation of the National Provident Fund, it is proposed to issue
a number of Bulletins about the Fund. This is thefirst in the series.

Dominica National Providend Fund BULLETIN NO. 1

Very few people make adequate provision for their retirement in Dominica
and a large number of workers still do not or are unable to make adequate provision
for this.

The Government has viewed with grave concern the lack of security of the
aged, stemming from the fact that many workers depend on charity in one form
or another during their old age.

As a result, Government has announced plans for the establishment
of a National Provident Fund Scheme, which will help to alleviate hardship on
retirement of a worker, and reduce the burden placed on close relatives in having
to maintain their old relations after they (the relations) retire from work.

A National Provident Fund is a Contributory Scheme where employers
and employees are required to pay regular contributions which are credited and
held to the account of the worker. It enables the workers with the help of their
employers to provide during their working life for an income after they retire from
work or become incapacitated or for their families should they die.

The Fund shall be known as the Dominica National Provident Fund and
shall be obligatory to all Employers and Employees. It will be quite separate from
the financial Machinery of Government.

A special Board consisting of representatives form Government, Employers
and Trade Unions will be appointed, and will be responsible for the administration
and management of the Fund. An Investment Committee will be responsible for
the investment of the Fund and will ensure safe sound and secure investment that
would give the best returns.

Contributions will be on a wage related basis. Every worker will be required
to contribute a small percentage on every full dollar earned, and his employer
would also be required to match this amount to make up the workers full
contribution into the Fund.

Example, every 5 cents contributed by the worker will be matched by another
5 cents by his employer, so that when a worker contributes $1.00 from his wages,
his employer also contributes $1.00 for him.

These two sums will be paid into the Fund Office and credited to the worker's
(or member's) account.

Interests will be calculated and added to members' accounts annually and
all members will receive a notice yearly of the amount held to his account.

The benefits will be payable on retirement, but should a member die his
beneficiary will claim his money.

The National Provident Fund will require every employee to register with
the Fund Office and every employee will be issued a membership card with a social
security number. This number will always remain the same, and will be the num-
ber of the member's account in the Fund. Therefore, regardless of how often a
worker changes employment his contribution will always find its way into the Fund
office and the member's account.

The main object of the Fund will be to provide workers with some means
of support in their old age, but in addition will also provide valuable protection
for a worker who becomes unemployable due to illness or injury and for his family
should he die.

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