Social Security Benefits and Allowances to Increase Next Year

The Social Security Fund (abbreviated to FSS in Macao) today (5 December) introduced to the Standing Committee for the Coordination of Social Affairs the proposal to increase the amount of benefits and allowances for the Social Security System from 2019, and the proposal was unanimously agreed by the employer and employee representatives of the Committee.

President of the FSS Administrative Committee, Iong Kong Io, said that the last increase in various benefits of the social security system was in July 2016. After more than two years of changes in the socio-economic environment, the general price has accumulated a certain increase. After comprehensively considered various social factors, and taken into account the adjustment amount of the Minimum Subsistence Index, the FSS proposes to increase the amounts of benefits and allowances for the next year by 5.1% to 5.8% respectively in order to provide appropriate protection for residents. The total expenditure budget for benefit payment after the benefit increase is about 4.6 billion patacas, of which 4.2 billion patacas go to old-age pension. The additional total expenditure budget due to the increase is about 230 million patacas. The FSS will implement the benefit increase, in accordance with the law, as soon as possible by order of the Chief Executive, and strives to formally implement the increase in January 2019.

For enquiries, please call 2853 2850 during office hours, or visit the website of the FSS at www.fss.gov.mo.