The Social Security Fund (abbreviated to FSS in Macao) recently published the “Social Security Fund 2018 Annual Report” to summarize the work of the department. The non-mandatory central provident fund system (the System) came into force in 2018, to further enhance the retirement protection of residents, and the first year of implementation has received wide response from the society. In the same year, the FSS significantly increased the amount of birth allowance to support the policy objectives of promoting healthy births and increase of birth rate. In addition, the FSS further improved the social protection of people with disabilities by amending the law to make the disability pension universally applicable to all people with disabilities. Through prudent and robust investment strategies, the total value of the assets of FSS increased to nearly 80 billion patacas by the end of 2018.
In order to promote the newly implemented non-mandatory central provident fund system, the FSS vigorously promoted the System last year, and successively visited employers of different industries, including a number of large enterprises (gambling enterprises inclusive), public utilities, social services and educational institutions, and held more than 200 explanatory sessions for them. The FSS also held a recognition ceremony to commend employers who took the lead to join the System. The social response for the first year of implementation was good. More than 100 businesses have taken the lead to join the joint provident fund scheme, and more than 36,000 people have set up an individual provident fund scheme.
The annual report also reveals that the total income of FSS for the last year was about 8.116 billion patacas and the total expenditure was about 5.672 billion patacas. The net income was about 2.443 billion patacas and the total net asset value increased to about 79.854 billion patacas, an increase of 3.16%. Among them, the benefit payments of the Social Security System was still its main expenditure, accounting for 72.34%, and the total amount of payments was about 4.103 billion patacas, a total of 134,773 people were benefited, an increase of 9,623 people when compared with that of 2017, an increase of 7.7%. Among them, the number of old-age pension (including early old-age pension) recipients is the largest, with 110,319 people, accounting for 81.9%.
For the electronic version of “Social Security Fund 2018 Annual Report”, members of the public can download and read it on the FSS website.