FSS contributions increase to MOP90 next year

The contributions made by employers and employees to the social welfare system will be increased next year. The monthly fund contribution to the Social Security Fund (FSS) will raise to MOP90.
The ratio of contribution by employees and employers will remain at 1 to 2, which means that the contribution paid by the employer will be MOP60 while the employee will pay a MOP30 contribution.
According to the current rules, each workplace pays MOP45 monthly to the social welfare system. The employer pays MOP30 and the worker pays the remaining MOP15.
The long-time disagreement on the proportion to be paid by workers and employers was not solved. Employers representatives claim that the proportion to be paid should be equal and that paying MOP60 monthly would mean spending “too much money” to feed the welfare system.
The president of the Social Security Fund Administrative Committee, Iong Kong Io, disagrees: “I believe this difference will not cause much pressure on the business operations of small and medium sized enterprises. It has not been increased for 18 years, so by my calculations, this new increase comes out to about MOP2.50 added every year. This is very small sum,” he said yesterday during a press conference, cited by TDM.
The government calculations indicate that the raise will represent an yearly income of MOP200 million.
During the latest Policy Adress presentation, it was announced that a total of MOP37 billion would be added to the Social Security Fund this year in order to maintain its sustainability. Iong Kong Io