Ron Lam urges gov’t to revise wealth partaking measure

Lawmaker Ron Lam has called for a clearer definition of the government’s Wealth Partaking Scheme, urging officials to clarify whether it is intended as a “dividend” or a “relief” measure. The government has been distributing cash to residents annually since 2008, and the 2025 fiscal budget continues this practice.

However, Lam argues that a more structured approach is needed.

Lam emphasized that public policies should have clear objectives and principles to ensure effective implementation.

He criticized the current ambiguity surrounding the scheme, questioning whether the focus should be on providing benefits to all residents or targeting those in need. He also pointed out that any decision to change the plan should follow a scientific approach and be based on clear criteria.

Lam also proposed a residence requirement for eligibility, similar to the Central Provident Fund’s rule, which requires residents to stay in Macau for at least 183 days a year. This could ensure that the cash-sharing plan more effectively benefits those who truly contribute to the local community.

Furthermore, Lam highlighted the need for a pension adjustment mechanism that better reflects the financial pressures faced by elderly residents, especially given the stagnant pension rates over the past five years.

He called for the creation of a Consumer Price Index (CPI) specifically for the elderly to more accurately gauge their inflationary challenges.

In a separate query, the Social Security Fund (FSS) said that the government is advancing its study on the creation of a Consumer Price Index (CPI) specifically for the elderly, which could play a crucial role in adjusting pension values.

In response to an interpellation from lawmaker Lei Chan U, the FSS announced that the study is expected to be completed by the end of the first semester of this year.

The proposed index aims to monitor price variations in products most commonly consumed by the elderly population.

Currently, pension adjustments are determined by the general CPI, which must reach a threshold of 3% for pension values to increase. However, this target has not been met in recent years; as of September 2024, the general CPI stood at just 2.47%. This stagnation has resulted in no updates to pensions for the elderly over the past five years.