The Social Security Fund, which had been supervised by the Secretary for Economy and Finance since the establishment of the MSAR in 1999, will be under the Secretary for Social Affairs and Culture next year. The new social security system, coming into effect 1 January 2011, will provide basic living and retirement guarantees to all the people of Macao, the Secretary for Economy and Finance, Mr Tam Pak Yuen said. The transfer of supervision takes into consideration the closer links of the fund and departments under the Secretary for Social Affairs and Culture in the future, such as the Social Welfare Bureau. Adjustment to the function and structure of the fund will also be made, Mr Tam said. Meanwhile, the Government today gazetted the appointment of Mr Ip Peng Kin, the current President of Social Welfare Bureau, as President of Administrative Committee of Social Security Fund, starting 1 November. Mr Tam said Mr Fung Ping Kuen, the current President of Administrative Committee of the fund, will assume the post of Deputy Director of the Centre of Sino-Western Cultural Studies Centre of the Macao Polytechnic Institute.