A participant raises questions to the representatives of the FSS
The “Non-Mandatory Central Provident Fund System (the System)” will come into force on 1 January next year. In order to deepen the understanding of the community about the System, the Social Security Fund (abbreviated to FSS in Macao) has held several sessions to explain the non-mandatory central provident fund system to employees of different industries and also two public sessions for employers. Later, there will be two public sessions for employees on 11 and 26 November, and interested individuals can sign up for participation.
Since October, the FSS has held several explanatory sessions to introduce the non-mandatory central provident fund system to employees of franchise companies, banks, educational institutions and fund management entities. In addition, two public sessions were held to introduce the System to employers of different industries. At the explanatory session, the representatives of the FSS introduced the contents of the System as well as answering the questions raised by the participants.
The topics that attract the most attention from participants include the formalities of interface between the private pension plan and the non-mandatory central provident fund system, what protection does interface give to employees, what are the employers and employees’ benefits of participating the non-mandatory central provident fund system, the processing of the rights and benefits of both employers and employees, the transparency of information, and the eligibility and the ways of fund withdrawal.
The FSS continues to communicate actively with the Monetary Authority of Macao and the fund management entities, striving to register, before the Law comes into force, the private pension fund products in the market as the investment instruments of the non-mandatory central provident fund system. After the coming into force of the Law, members of the public can find out information about the fund management fees and the return on investment through the information platform built by the FSS.
The purpose of establishing the non-mandatory central provident fund system is to strengthen the social protection for the residents of the Macao SAR in their old age and to complement the existing social security system. Members of the public who want to learn more about the contents of the Law may visit the thematic web page about the non-mandatory central provident fund system at www.fss.gov.mo/en/sites/cpf or to sign up to participate the public session that will be held at the Lotus Room which is on the 5th floor of the World Trade Center building (Address: Avenida de Amizade n.o 918, Macau) between 3:00 p.m. and 5:00 p.m. of 11 November (Saturday), or at the auditorium on the 9th floor of Fu Luen School (Address: Avenida Dr. Francisco Vieira Machado, n.o 362, Macau) between 3:00 p.m. and 5:00 p.m. of 26 November (Sunday). Members of the public can register through the registration system on the home page of the FSS website at www.fss.gov.mo, or send the number of participants and their contact information by fax to 8599 7227.
