The explanatory session on the non-mandatory central provident fund system held earlier received many enthusiastic responses
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 explanatory sessions on the System. The final public session will be held on 26 November (Sunday) at Fu Luen School. Members of the public who attach importance to their retirement planning and want to make early retirement arrangements should seize this opportunity to sign up for participation.
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 for the public session that will be held at the auditorium of Fu Luen School which is on the 9th floor of the school (Address: Avenida Dr. Francisco Vieira Machado, n.o 362, Macau) from 3:00 to 5:00 p.m. on 26 November (Sunday). Members of the public can sign up 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.
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, three public sessions were held to introduce the System to members of the public and employers of different industries. The topics that have attracted 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 the 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 ways of fund withdrawal.