Since the implementation of the Non-mandatory Central Provident Fund System on January 1, 2018, 136 employers have joined the joint provident fund scheme. Of this number, social service organizations account for approximately 70 percent, and the rest include public entities, gaming, hotels, restaurants, education, finance, retail, medical and other commercial organizations. A total of approximately 40,000 residents have participated in the individual provident fund scheme.
Last week, the Macau government extended gaming concessions for MGM China and SJM Holdings until 2022.
SJM Holdings submitted its application to join the non-mandatory central provident system, which has already been approved, the Social Security Fund (FSS) said yesterday.
For the extension of the concessions, the two gaming operators are required to join the city’s “non-mandatory central provident fund system” and to establish what is termed a “labor creditor’s rights protection fund” – which is encouraged among the city’s employers under local legislation passed in 2015 – within three months from the date of the signing of new contracts.
Regarding the number of employees who benefit from SJM joining the fund, FSS said that “it is still not the deadline to submit the number of employees” as employees are still deciding whether or not join the fund.
MGM has also submitted the application form but is preparing more documents for FSS’s approval.
According to FSS, other gaming operators have expressed their willingness to join the fund.
The second-tier Non- mandatory Central Provident Fund System, which came into force on January 1, 2018, aims to strengthen the social protection for the residents of the Macau SAR in their old age and to complement the existing social security system.
Vice-president of FSS Administration Council Chan Pou Wan said that in the fourth year of the implementation of the second-tier, the government will review the fund and will consider whether it needs to be upgraded to a mandatory fund.