NATIONAL PROVIDENT FUND (NPF) INTRODUCED
As part of its quest to provide a level of social protection for workers and their dependents, the government introduced the National Provident Fund (NPF). Under this arrangement, workers in Dominica were required to contribute of 5% their income to the Fund. Their contribution was matched with another 5% contributed on their behalf by their employers. The NPF operated along similar lines with commercial banks in that the contributions paid into the fund were treated as savings which attracted a 3% rate of interest. Upon retirement, the Insured Person was given a lump-sum refund of all of his contributions along with the accrued interest.