FSS president Iong Kong Io
At the end of 2017, the net asset value of the Social Security Fund (FSS) stood at MOP77.4 billion, an increase of MOP6.7 billion when compared with that of 2016. According to the Social Security Fund’s Annual Report published yesterday, the total income of the FSS in 2017 was MOP10.763 billion and “the return on investment in 2017 was ideal.”
The FSS funding mainly came from the SAR government’s taxation on gaming revenue, followed by investment-related income, which together accounted for 90 percent of its revenue.
According to the report, 2017 was “a breakthrough year for the FSS.” The contribution amount for the first tier, the Social Security System, was increased to MOP90 and the law for the second tier, the Non-Mandatory Central Provident Fund System, was passed by the Legislative Assembly.
In terms of the payment of benefits and other allowances, old-age pension and disability pension are still the main factors. The total amount of benefit payments was about MOP3.7 billion, and the total number of recipients was 125,150, an increase of 5.5 percent when compared with that of 2016. Eighty percent of the recipients received the old-age pension, representing 102,012 people.
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