A-G urges parents to start saving for future
The Attorney-General and acting Prime Minister and acting Minister for Finance, Aiyaz Sayed-Khaiyum (right) receives a dividend cheque from the chairperson of Unit Trust of Fiji, Shaenaz Voss yesterday. Photo: RAMA
By RACHNA LAL
Unit Trust of Fiji yesterday launched its newest product ‘Income Fund’ which generally caters for children in schools.
People have the choice of either investing in ‘Children Investment Plan’ which is for children (below 18 years) or the ‘Income Plus Plan’ for those above 18 years.
The product was launched by the Attorney-General and acting Prime Minister and acting Minister for Finance, Aiyaz Sayed-Khaiyum.
A memorandum of understanding was also signed with the Ministry of Education, which will be responsible for encouraging students to start ‘investing’ through this new product.
Mr Sayed-Khaiyum said this new product provides a unique opportunity for small-time savers and also gives people the opportunity to invest in the future.
“Normally in Fiji, when you use the word investment, people with little amount of money think they cannot invest,” he said.
“But this essentially gives an opportunity to invest for the future as you can start with a small amount and you get a return on your investment.
“So if you start off with your child in primary school, and put $20 into their account every month, by the time they reach form seven, they would have a healthy amount of money for which you will be getting good interest rate.
“You can cash it in when your child reaches form seven and you will be able to pay for tertiary institute.”
Investing in product
Unit Trust of Fiji chairperson, Shaenaz Voss, said with the agreement, they will work hand-in-hand with the Ministry of Education to educate students of this product.
She said the minimum starting amount is $20 for ‘Children Investment Plan’ and $50 for ‘Income Plus Plan’ and thereafter, people can put in whatever amount they want to.
An interest rate of 3.65 per cent per annum has been decided.
The Unit Trust of Fiji also handed over a dividend cheque of $113,564 to Government.