FSS Introduces Non-Mandatory Central Provident Fund System to Gambling Enterprises

Representatives of the FSS introduce the Non-Mandatory Central Provident Fund System to the Gambling Enterprises

In order to let the community learn more about the "Non-Mandatory Central Provident Fund System", the Social Security Fund (abbreviated to FSS in Macao) has started to make visits and invite employers from different industries to have a meeting with them in order to explain the system. The Vice-President of the Administrative Committee of the FSS, Chan Pou Wan and others recently had a meeting with the representatives of the six major gambling enterprises at the headquarters of the FSS, for the exchange of ideas on the contents and implementation details of the system. The FSS hopes to deepen the understanding of the gambling enterprises of the new law in order to facilitate the voluntary participation of the enterprises into the non-mandatory central provident fund system.

The representatives of the FSS introduced the contents of the Non-Mandatory Central Provident Fund System to the representatives of the participating gambling enterprises, including the heads of their legal affairs, human resources and financial departments. In view of the fact that the enterprises already have a private pension scheme of their own, the meeting focused on topics such as the interface between the private pension fund and the central provident fund, the protection for the gambling enterprises and employees’ rights and interests under the new system, and the practical operations of the system. The representatives of the FSS listened to the views of the participants and replied to their questions. Regarding the request of the gambling enterprises for the FSS representatives to hold an explanatory session with the employees, the FSS expressed its willingness and will actively cooperate.

The Law 7/2017 "Non-Mandatory Central Provident Fund System" will take effect on 1 January 2018. As the sub-system of the social security system, the purpose of setting up the non-mandatory central provident fund system is to strengthen the social and old age security for the residents of the Macao SAR and to complement the existing social security system. The FSS will actively hold a number of explanatory sessions in an orderly manner, introducing the non-mandatory central provident fund system to the representatives of different industries and the public. If members of the public want to learn more about the contents of the law, please visit the thematic web page of the non-mandatory central provident fund system at www.fss.gov.mo/en/sites/cpf.

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