FSS records increase in total assets in 2018

The Social Security Fund (FSS) recorded a net income of MOP2.44 billion in 2018, while the total net asset value increased to about MOP79.85 billion, an increase of 3.16%.

According to the “Social Security Fund 2018 Annual Report,” the bureau’s income amounted to some MOP8.11 billion, with a total expenditure of MOP5.67 billion.

The benefit payments FSS made were still its main expenditure, accounting for about 72%.

The total amount of payments was about MOP4.1 billion, benefiting a total of 134,773 people, a 7.7% increase when compared with 2017.

Among them, the number of old-age pension (including early old-age pension) recipients is the largest, with 110,319 people, accounting for 81.9%. 

According to the report, in order to promote the newly implemented non-mandatory central provident fund system, FSS held more than 200 explanatory sessions for employers of different industries, including a number of large enterprises, public utilities, social services and educational institutions.

More than 100 businesses have taken up the joint provident fund scheme, and more than 36,000 people have set up an individual provident fund scheme.

In the same year, the FSS also increased the number of birth allowances to support the policy objectives of promoting healthy births and an increase of the birth rate.  In addition, the bureau improved the social protection of people with disabilities by amending the law to make the disability pension universally applicable to all people with disabilities.  LV