The Social Security Fund (abbreviated to FSS in Macao) held a celebration for its 30th anniversary today (23rd September), and invited guests, working partners and long-serving employees to witness the development of the FSS into a new milestone.  In the future, the FSS will continue to actively implement the two-tier social security system, especially to promote the transition of the second tier (Non-Mandatory Central Provident Fund System) to mandatory, so that residents can enjoy a more comfortable retirement.

“Celebrating the 30th Anniversary of the Establishment of Social Security Fund and Employer Recognition Ceremony” was held at the conference hall of the Science Museum at 3:30 p.m. on 23rd September.  The officiating guests were the Secretary for Social Affairs and Culture, Ao Ieong U, and Deputy Secretary-General of the Liaison Office of the Central People’s Government Liaison Office in the Macao Special Administrative Region and Head of Department of Social Work, Huang Huagai, the Chief of Office of the Secretary for Social Affairs and Culture, Ho Ioc San, and President of Social Security Fund’s Administrative Committee, Iong Kong Io.

In his speech, Iong mentioned that after years of development, Macao has now successfully established a two-tier social security system.  With the vigorous promotion of the government, residents are able to accumulate more substantial retirement funds for themselves.  Over the years, the FSS has also kept pace with the times, constantly improving the quality of services to meet the needs of residents.  In the future, the FSS will continue to improve the two-tier social security system, and promote the transition of the second tier (Central Provident Fund System) to mandatory, so that residents can get a more comfortable retirement. 

The FSS was established on 23 March 1990.  The early Social Security System was mainly set up to protect local employees.  With the development of society, the SAR government reformed the original system and extended the coverage to all residents in Macao to provide basic old-age protection; and later enables residents to enjoy a more comfortable retirement through the implementation of the second tier (Non-Mandatory Central Provident Fund System).  Currently, there are about 500,000 beneficiaries enrolled in the first tier (Social Security System) and about 120,000 old-age pension recipients.  As for the second tier (Non-Mandatory Central Provident Fund System), 232 employers and more than 21,700 employees already participated in the joint provident fund scheme since its implementation in 2018, and more than 57,000 residents have participated in the individual provident fund scheme.

The celebration event was themed “Social Security Fund has been Walking with You for Three Decades, Two-Tier Protection Builds Our Future”.  The event premiered Social Security Fund’s 30th anniversary commemorative video, issued commemorative stamps, commended employers who joined the non-mandatory central provident fund in the past year, and presented commemorative plaques to long-serving employees who have served the FSS for 30 years.  The FSS hopes to take this opportunity to share the joy of the anniversary with the public, and to deepen the residents’ understanding of the two-tier social security system and encourage their participation.