The non-mandatory central provident fund system (the System) was implemented on 1 January 2018. So far, a total of 186 employers have joined the joint provident fund scheme. After a lapse of one year, the Social Security Fund (abbreviated to FSS in Macao) today (22nd July) held another commendation ceremony to commend employers who have joined the System since the end of July last year. At the ceremony, another 21 employers also expressed their support and intention to participate in the System.
At 4:30 pm on 22nd July, the FSS held the “Recognition Ceremony for Employers Joining the Non-Mandatory Central Provident Fund System” at the Convention Hall of Macao Science Center. The Secretary for Social Affairs and Culture, Alexis Tam Chon Weng, was the officiating guest. In his speech, Iong Kong Io, President of the Administrative Committee of the FSS, said that the non-mandatory central provident fund system had been implemented since 2018. The first employer recognition ceremony was held in July last year to commend the first batch of 78 employers who took the lead to join the System. After one year, the number of employers joining the joint provident fund scheme has increased to 186, including six major gambling enterprises which account for a large proportion of employees in Macao, as well as a number of schools, public utilities, hotels, social services and commercial institutions. Among the participating employers, 77% joined the non-mandatory central provident fund system by means of interface, and the remaining 23% are providing retirement protection for their employees for the first time. He believed that the implementation of non-mandatory central provident fund system had evoked the society’s emphasis on employees’ retirement protection, and he encouraged employers who had not yet participated in the System to join it as early as possible and work with employees to build better retirement protection.
“The current participation of our employees is ideal, and joining the central provident fund not only helps improve the protection of local employees in their old age, but also conducive to businesses to retain experienced employees, bringing about a win-win situation,” said Rachel Chan Si Lai, Senior Vice President of Human Resources of Sociedade de Jogos de Macau, S.A., the first gambling enterprise to join the non-mandatory central provident fund system.
“Our school has joined the central provident fund by means of interface, and we will keep the terms in our original private pension fund that are more favourable to employees. Participation in the central provident fund is more conducive to meeting the retirement needs of our teaching and administrative staff,” said Zheng JieZhao, Principal of the Workers’ Children High School Macau.
At the ceremony, another 21 employers also expressed their intention to participate in the non-mandatory central provident fund system in the short term.
As for the individual provident fund scheme, the FSS has so far received more than 46,200 applications. In order to continuously strengthen the society’s understanding of the System, the FSS has held more than 300 explanatory sessions. In the future, the FSS will continue to make efforts to visit large, medium and small enterprises, step up our publicity and promotion efforts, and widely publicize the message of “Participate in Central Provident Fund System for Greater Peace of Mind in Your Retirement”.
Government representatives attending the ceremony also included Vong Yim Mui, Director of Social Welfare Bureau, Leong Man Ion, Deputy Director of Gaming Inspection and Coordination Bureau, Chan Pou Wan and Un Hoi Cheng, Vice-Presidents of the FSS Administrative Committee, Lau Veng Seng and Kong Ioi Fai, members of the FSS Administrative Committee, Ho Lai Chun da Luz and Tang Kuan Meng, members of the FSS Supervision Committee, Lau Un Teng, Deputy Director of Insurance Supervision Department of the Monetary Authority of Macao, and Wong I Lin, School Inspection Coordinator of Education and Youth Affairs Bureau.
