An explanatory session about the non-mandatory central provident fund system
The “Non-Mandatory Central Provident Fund System” (the System) will come into force on 1 January of next year. To deepen the understanding of the community about the System, the Social Security Fund (abbreviated to FSS in Macao) recently held a number of explanatory sessions, and organized special sessions at the invitation of enterprises and institutions so as to brief them on the contents and participation methods of the non-mandatory central provident fund system.
Law No. 7/2017 (Non-Mandatory Central Provident Fund System) will come into force on 1 January 2018, and the related by-law will come into force on the same day. From October to December, the FSS has held four sessions for members of the public, and more than 20 sessions for gambling enterprises, banks, hotels, catering industry, public utility companies, educational institutions and social service agencies, etc. Besides, the FSS also visited a number of private enterprises and institutions at their invitation, and introduced and promoted the System to their employees. The response to the explanatory sessions was enthusiastic. Participants actively asked questions about the specific operation of the non-mandatory central provident fund system. Summarizing the topics that employers are more concerned about at each session, they are the procedures of interface between the private pension plan and the non-mandatory central provident fund system, what protection does interface give to employees, the processing of the rights and benefits of both employers and employees, what are the employers and employees’ benefits of participating the non-mandatory central provident fund system, and the transparency of information, etc., whereas employees and other residents are more concerned about the disclosure of fund information, what are the restrictions on the switching of pension funds, how to use the government funds for investment and savings, and the requirements and methods of withdrawal of funds, etc.
Since the promulgation of the law on the non-mandatory central provident fund system and the related supplementary provisions, the FSS has also met with representatives of gambling enterprises, fund management entities, Association of Banks, associations, social services agencies and public utility companies to introduce to them the contents, benefits and concept of the System so as to promote the active and early participation of employers.
The non-mandatory central provident fund system is closely related to the retirement of residents. For more information on the System, you may visit the website of the FSS at www.fss.gov.mo or call 2853 2850 for enquires.