Secretary for Social and Cultural Affairs, Alexis Tam Chon Weng, presents a certificate of commendation to employers joining the non-mandatory central provident fund system
The non-mandatory central provident fund system (the System) was implemented on January 1 this year. So far, 78 employers have participated in the joint provident fund scheme. The Social Security Fund (abbreviated to FSS in Macao) held a ceremony today (July 30) to commend the employers who took the lead in joining the System for protecting and strengthening the retirement benefits of their employees. At the ceremony, 31 employer representatives from gambling enterprises, public utilities, social services and other large enterprises publicly expressed their support and intention to participate in the non-mandatory central provident fund system.
The FSS held the “Recognition Ceremony for Employers Joining the Non-Mandatory Central Provident Fund System” on July 30 at 4 p.m. at the Convention Hall of Macao Science Center. The Secretary for Social Affairs and Culture, Alexis Tam Chon Weng, was the officiating guest. In his speech, Tam said that the non-mandatory central provident fund system had been implemented for about half a year, and the participation situation was encouraging. At present, there are 78 employers participating in the joint provident fund scheme, including organizations from social services, financial services and education. Among them, about 90% of the employers who already have a private pension plan now join the System by way of interface, and about 10% of the employers are setting up a central provident fund system for the first time. A number of gambling enterprises and public utilities companies with a large number of employees are also actively promoting and preparing to join the System. Since the non-mandatory central provident fund is a cumulative retirement protection system, the sooner an employer joins the System, the more favourable it is to accumulate retirement protection for their employees. Tam called on employers who have not yet joined the non-mandatory central provident fund system to join the System as soon as possible.
In the sharing session, representatives of the organizations that have already joined the System said that employees are important assets of a business, and it is the employer’s responsibility to provide them with solid retirement protection. The representatives also pointed out that joining the non-mandatory central provident fund system will not only enhance the quality of life of local employees in their retirement, it can also help businesses retain experienced employees. Therefore, they are very supportive of joining the System, and later they will also actively encourage employees to join the System in order to prepare them for their retirement in the future.
At the ceremony, a total of 31 employer representatives from six gambling enterprises, public utilities, social services and large enterprises also expressed their intention to participate in the non-mandatory central provident fund system in order to provide better retirement protection for their employees.
As for the individual provident fund scheme, the FSS has so far received more than 23,800 applications, reflecting the concern and emphasis of residents on strengthening their own old-age security. In order to strengthen the society’s understanding of the System, the FSS has held more than 100 explanatory sessions so far. In the future, the FSS will continue to communicate with businesses or organizations of different industries and scales, and to hold more explanatory sessions. The FSS will also continue to increase publicity and promotion efforts in order to deepen the society and individual’s understanding of the System, and to convey the message of “Participate in Central Provident Fund System for Greater Peace of Mind in Your Retirement”.
Government representatives attending the ceremony also included Chief of the Office of the Secretary for Social Affairs and Culture, Ip Peng Kin, President of the Administrative Committee of the FSS, Iong Kong Io, President of the Supervision Committee of the FSS, Lok Kit Sim, Director of Social Welfare Bureau, Vong Yim Mui, Vice-Presidents of the Administrative Committee of the FSS, Chan Pou Wan and Un Hoi Cheng, members of the Administrative Committee, Lau Veng Seng and Kong Ioi Fai, members of the Supervision Committee, Ho Lai Chun da Luz and Tang Kuan Meng, and member of the Board of Directors of the Monetary Authority of Macao, Vong Lap Fong.
