Social Security Fund meeting with fund management entities
At present, there are a total of seven fund management entities providing the investment instruments for the contributions of non-mandatory central provident fund system (the System). To protect the residents’ access to appropriate central provident fund services and information, the Social Security Fund (abbreviated to FSS in Macao) continues to be in close contact with the entities to ensure the smooth implementation of the various work of the System.
The FSS has held a meeting with the entities earlier to review the latest implementation of the non-mandatory central provident fund system and listened to their suggestions for improvement in the related work. Recently, the entities have actively carried out the promotion of contribution scheme. To ensure that residents can achieve the purpose of improving their personal retirement protection by participating in the central provident fund, the FSS required the entities to do a good job in training the people selling the central provident fund products, and to regulate the relevant personnel to uphold professional ethics, introduce suitable pension fund products to their customers, and provide adequate, timely and accurate pension fund information to them, in particular, to let the residents interested in participating in the contribution scheme know clearly that the central provident fund belongs to a cumulative old-age security system which requires saving and accumulation for a long term in order to play its role in securing retirement income, and residents need to join the System as soon as possible and continue to make contributions in order to fully benefit from it.
Some entities are currently in preliminary contact and consultation with employers of large enterprises, financial, education and social service institutions that are considering joining the central provident fund. To encourage more employers to join the central provident fund system, there is a consensus among the FSS and the entities that they will actively assist employers in entering into participation contracts and service agreements, handling related paperwork, and cooperating with the authorities to streamline the application process and to provide a series of convenience measures such as service counter and phone line for the central provident fund so as to reduce the administrative burden on employers.
Entities must submit information to the FSS on a monthly basis in accordance with relevant requirements in order to timely disclose to residents the latest fees and returns on pension funds. Residents interested in learning more about the central provident fund system or participate in the System can also visit the non-mandatory central provident fund system information platform (https://eservice.fss.gov.mo/main/funds/index?culture=pt, Only available in Chinese and Portuguese) besides contacting the entities in order to check information onthe pension funds already registered as the investment instruments for the contributions of non-mandatory central provident fund system, e.g.fund unit prices, cumulative performance, annual performance and fees, and the ways of contact of the fund management entities.