The Fijian Elections Office [FEO] signed a Memorandum of Agreement [MOA] with the Unit Trust of Fiji (Management) Limited [UTOF] at the FEO Headquarters this morning in a move to promote personal investment initiative and financial security for FEO employees.
The MOA also sees employees provided with an opportunity to enter into a legal relationship for purposes of a Direct Deduction Investment Scheme with the power to manage and administer the investment.
“With UTOF being one of the major investment institutions of capital markets in Fiji, FEO employees stand to gain a lot from this MOA in as far as investment opportunities for personal wealth management are concerned,” said the Supervisor of Elections, Mr. Mohammed Saneem.
Furthermore, it is envisaged that this MOA will foster collaboration between UTOF and FEO by creating awareness on how to:
1. Improve and increase investment knowledge with regard to personal investment plans;
2. Educate FEO employees about the benefits and associated risks of this scheme by way of training and awareness programs to be conducted with UTOF.
In addition, both organisations will work together to:
1. Develop, support, implement, coordinate and facilitate training and awareness regarding the scheme by way of consultation; and
2. Continuously work on the development of future investment products and incentives relating to and for the benefit of the investors.
UTOF Chief Executive Officer, Mr. Vilash Chand, welcomed the FEO as the twenty-first organization in Fiji to join the scheme.
“The FEO joins twenty other organisations in Fiji who have signed an MOA with the Unit Trust of Fiji,” said Mr Chand.
“You as employees, can make a difference by choosing an investment account. You can then create an investment account for your child. When he or she turns eighteen, you can pass it to him or her and then by the time your child gets into the workforce and wants to start his or her life, your child has already collected a certain amount of money to do this,” said Mr. Chand.
The Supervisor of Elections, Mr. Mohammed Saneem thanked the UTOF for their support and partnership when it comes to promoting a culture of savings and investment at the FEO.
“FEO takes at heart the welfare of its most valuable asset, its employees and continues to strive to provide a healthy and conducive environment for them. Having the UTOF on board will be an added value which will not only benefit the staff but their families as well,” he said.
Mr. Saneem added that for the successful growth of any organisation, it is vital to take a step forward to encourage a team to be financially empowered.