FSS Holds an Explanatory Session to Introduce Non-Mandatory Central Provident Fund System to Social Welfare Organizations
In order to let the community know more about the non-mandatory central provident fund system (the System), the Social Security Fund (abbreviated to FSS in Macao) has held its first explanatory session about the System at the convention hall of the Macao Science Center in order to explain the System to the government-funded social welfare organizations and the event attracted nearly 200 people.
The non-mandatory central provident fund system will be implemented on 1 January next year. In order to let the social welfare sector have more understanding of the System, the FSS held its first explanatory session about the non-mandatory central provident fund system on 9th August at the convention hall of the Macao Science Center where the FSS representatives explained the System to nearly 200 representatives from the social welfare organizations and responded to the questions raised by the attendees.
At the explanatory session, a number of attendees raised questions relating to the requirements for participating in the System, the ways of participation and the choice of pension funds. The FSS responded that the joint provident fund scheme of the non-mandatory central provident fund system is voluntarily set up by employer and voluntarily participated by employee. Employees can participate, at the same time, in the individual provident fund scheme on their own. Non-resident workers are not the objects of the non-mandatory central provident fund system but the employer can still set up a private pension fund for them. The FSS has actively communicated with the fund management entities and strives to announce the list of pension funds of the non-mandatory central provident fund system in early January 2018.
In addition to organizing the above explanatory session for the social welfare sector, the FSS has recently visited associations such as União Geral das Associações dos Moradores de Macau, Caritas Macau, Associação Geral das Mulheres de Macau and Federação das Associações dos Operários de Macau, to explain the System to their members and lobby the employers for participation in the System, and the feedback received was positive. The purpose of establishing non-mandatory central provident fund system is to strengthen the social and old-age protection for the residents of the Macao SAR and to complement the existing social security system. For more information, please visit the thematic webpage of the non-mandatory central provident fund system at www.fss.gov.mo/en/sites/cpf.