FSS explains non-mandatory central provident fund

The Social Security Fund (FSS) met with the representatives of local fund management entities and the Macau Monetary Authority (AMCM) to discuss the implementation and processes of the central provident fund as well as the timeline for the entry of the fund management entities.

At the meeting, FSS representatives introduced the contents of the forthcoming scheme and listened to the views of the fund management entities on the operating procedures of the non- mandatory central provident fund system.

The system’s contributions are mainly overseen by the fund management entities. The FSS is responsible for overseeing the implementation of the system, while the AMCM monitors the retirement fund products and oversees the operation of the fund management entities.

In addition, the FSS’ one-stop online platform for information on the central provident fund is now being tested by the fund management entities. Once the system has been implemented, account owners can use the online platform to enquire about various funds, including the government-managed sub-account, contribution sub-account, performance of pension funds, and their respective fees and charges.

Moreover, the FSS will hold public seminars to introduce the system to representatives of different industries and to members of the public.

The non-mandatory central provident fund system is expected to be operational by January.