FSS and Fund Management Entities Discuss Implementation Details of Non-Mandatory Central Provident Fund System

The FSS and the fund management entities discuss the implementation details of the non-mandatory central provident fund system

To ensure the smooth implementation of the Non-Mandatory Central Provident Fund System that will come into force on 1 January next year, the Social Security Fund (abbreviated to FSS in Macao) recently had a meeting with the representatives of the fund management entities and the Macao Monetary Authority (abbreviated to AMCM in Macao) to discuss the implementation details and operating procedures of the system as well as the timetable for the participation of the fund management entities in the system.

The contributions of the non-mandatory central provident fund system are mainly managed by the fund management entities and the FSS is responsible for overseeing the implementation of the system, while the AMCM is responsible for monitoring the retirement fund products and the operations of the fund management entities. In order to ensure the smooth implementation of the non-mandatory central provident fund system, the FSS and the AMCM have been in close contact with the fund management entities. The representatives of the three parties met a few days ago to discuss the implementation details and specific operating procedures of the non-mandatory central provident fund system. At the meeting, the representatives of the FSS introduced the contents of the draft of the forthcoming supplemental by-law and listened to the views of the fund management entities on the operating procedures of the non-mandatory central provident fund system and responded to their questions. In addition, the one-stop non-mandatory central provident fund information platform built by the FSS has entered the stage of testing and pre-docking with the fund management entities. After the system is implemented, the account owners can use the online information platform to check the information about the government-managed sub-account, contribution sub-account, preserved sub-account, the performance of pension funds, and the fees and charges, etc.

In addition to keeping in touch with the fund management entities, 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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