An explanatory session
The Social Security Fund (abbreviated to FSS in Macao) has received over 10,000 applications for participation in the non-mandatory central provident fund system as of June 8. To encourage more enterprises to participate in the joint provident fund scheme, the FSS has been actively meeting with employers of various industries for months, and a number of explanatory sessions were also held at the invitation of enterprises interested in learning more about the central provident fund system.
With the vigorous promotion of the government and the active cooperation of fund management entities, as of June 8, the Social Security Fund has received a total of 12,086 applications for participation in individual provident fund scheme and 46 applications for joint provident fund scheme. At the same time, employers of some social services, financial institutions and large enterprises, and individuals also come into contact with fund management entities and negotiate on matters relating to participation in the non-mandatory central provident fund system. It is expected that the participation figures will further increase later.
To encourage more enterprises to participate in the joint provident fund scheme, the FSS has met with employers of a number of social services, education, financial and commercial institutions and public utility companies, and more than 60 sessions were held for enterprises interested in learning more about the central provident fund. Many employers have reacted positively to the participation in the central provident fund system. However, employers concern that the operating costs may increase because the system does not allow them to use employer contributions as a deduction for compensation for unreasonable dismissal, and it may also increase their administrative work in the future because of the need to handle private pension plan and central provident fund at the same time. As for employees, they concern the requirements and methods of fund withdrawal.
In order to avoid increasing the administrative burden of employers participating in the non-mandatory central provident fund system, the FSS has introduced a series of convenience measures such as simplifying the application procedures, providing dedicated service counter and phone line, and requiring fund management entities to assist employers in filling out application forms for participating in the central provident fund. In addition, the FSS is planning to hold an event in July to award employers for encouraging them to provide their employees with better retirement protection.
The FSS hopes that the community can learn more about the system through its continuous visits, holding explanatory sessions and publicity through different channels, and encourage employers, employees and individuals to actively participate in the system. The non-mandatory central provident fund system belongs to a cumulative old-age pension system － the sooner you participate in the system, the more you will be able to accumulate for retirement.
For details and up-to-date information on the non-mandatory central provident fund system, please visit the dedicated web page at www.fss.gov.mo/rpc or call 2853 2850 during office hours for enquiries. Besides contacting the entities, residents who are interested in learning more about the central provident fund system or participating in the system can also visit the non-mandatory central provident fund system information platform (https://eservice.fss.gov.mo/main) in order to check the information on 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.