The Social Security Fund (abbreviated to FSS in Macao) recently held a briefing session on the Non-Mandatory Central Provident Fund System for the Property Management Business Association Macao, attracting nearly 50 members to participate, including the company management and personnel responsible for human resources. The FSS introduced them to the benefits of participating in the Central Provident Fund, and the process of joining it. The briefing session received a positive response from its attendees.
Attendees included the Vice President of the Association, Chao Kuan I, who was also the President of the Macau Real Estate Management Professional Technicians Association, Vice Presidents Ng Ka Kun and Wong Iok Leng, and Chairperson Xue Wanna. At the briefing session, Lei Chit Wan, Head of the FSS’s Division of Management of Accounts of Provident Fund System, introduced the aim of implementing the Non-Mandatory Central Provident Fund to improve the retirement security of Macao SAR residents. She also introduced the basic standards for establishing joint and individual provident fund schemes, the procedures for employers and individuals to set up provident fund schemes and the procedures for employees to participate in the system, and how to check the accounts, and file applications related to the Central Provident Fund using the Macao One Account.
The response to the Q&A session was enthusiastic. Besides learning more about the system, many participants were concerned about the performance and selection of pension funds. By displaying and introducing the Non-Mandatory Central Provident Fund System Information Platform, the FSS encouraged participants to browse information such as the return, fees, and management regulations of pension fund products already registered under the Central Provident Fund System to make appropriate investment choices.
Participants were also concerned about the effectiveness of implementing the Non-Mandatory Central Provident Fund. The FSS said that the number of employers participating in the Provident Fund System as of August 2024 had reached 318. About 29,000 employees have participated in the joint provident fund scheme, and about 83,000 residents in the individual provident fund scheme, a total of more than 100,000 people already participated in the Central Provident Fund System, and attendees were encouraged to participate as soon as possible.
To learn more about the Non-Mandatory Central Provident Fund System, residents may visit the FSS’s website at www.fss.gov.mo, or call 2853 2850 during office hours for enquiries.
