The Social Security Fund (abbreviated to FSS in Macao) has received more than 50,000 applications for withdrawal of funds from provident fund individual accounts as of October 20, told by the FSS. Of which 21,474 applications submitted by three categories of people (elders aged 75 or older, individuals receiving disability pension from the FSS for more than one year, and those currently receiving special disability subsidy from the Social Welfare Bureau (SWB)) have been approved. The funds will be transferred to their bank accounts tomorrow (October 24) and the FSS has already begun to notify the individuals concerned of the outcome of their applications by mail or via mobile text message (SMS).
Under the relevant law, the provident fund individual account owners eligible for withdrawal of funds can withdraw funds from their individual accounts only once a year. This year, the FSS also accepted the applications in the same fashion like last year, i.e. in phases by age group. As of October 20, most of the applications submitted in the first phase by the three categories of people above (elders aged 75 or older, individuals receiving disability pension from the FSS for more than one year, and those currently receiving special disability subsidy from the SWB) have already been approved, and the funds will be transferred to the bank accounts of 21,474 eligible applicants tomorrow (October 24).
As for the cases that have not been approved because the form is not properly completed or additional documents are required, the FSS will get them processed as soon as possible after the applicants have submitted all the required documents. For elders aged between 65 and 74 who have already submitted the applications in the second phase and got the approval from the FSS, they will receive the funds on November 23 at the earliest.
To get more information about the provident fund individual accounts, visit the website of the FSS at www.fss.gov.mo, call the 24-hour interactive voice response hotline at 2823 0230, or call 2853 2850 during office hours for enquiries.