Vodafone Fiji Limited signed a Memorandum of Agreement with Unit Trust of Fiji “UTOF” for the Employee Investment Scheme “EIS”.
The EIS is part of UTOF’s national effort to directly promote savings and investment to all Fijians. Essentially, it will provide a platform to Vodafone employees to regularly invest their funds through a salary direct deduction arrangement.
No minimum opening balance will be required under the scheme.
Vodafone employees can invest with UTOF on a voluntary basis and have direct access to personalized investment facilities which provides competitive “tax-free” dividends. The employees can also realize potential capital growth under the Income & Growth Fund.
The costs associated with the EIS will be mutually agreed between Vodafone and UTOF. No cost will be imposed to the employees opting to invest the funds through this scheme.
Vodafone is the second institution in Fiji to sign up for UTOF’s EIS Agreement to actively promote financial literacy and personal wealth management for its employees.
UTOF has an investment portfolio in excess $119 million with a strong investor base of 15,000 including 2,600 young investors from various schools. It is one of the major investment institutions of Capital Markets in Fiji with a market share of more than 60%. It was established on 25th April 1978 with the Fijian government mandate to provide affordable investment opportunities to all Fijians.
Vodafone Fiji Limited is a 100% locally owned company with 260 staff. Vodafone Fiji is a subsidiary company of the Amalgamated Telecom Holding Fiji which provides mobile telecommunications services to over 750,000 customers in Fiji. It operates under a franchised partner market arrangement with Vodafone Group Plc. Vodafone is the leading mobile communications company in the world with its own network in 21 countries and partner network in 40 other countries with a worldwide customer base of 440 million proportionate customers.