Social Security Fund records income after losses in 2022

After recording losses in the previous year, the Social Security Fund (FSS) booked a total income of MOP12.8 billion in 2023, the fund’s annual report noted.

The report attributes the improved financial performance to favorable global market conditions, with investment income soaring to MOP7.4 billion, a stark contrast to the MOP7.7 billion loss reported in 2022.

According to the report, the global financial market performed favorably overall, with stock markets boosted by the moderate growth of the economy, along with rising interest rates on term deposits.

As of the end of 2023, the FSS had 512,956 beneficiaries enrolled in the social security system, with 158,519 receiving old age and disability pensions.

The number of employers joining the non-compulsory central pension scheme increased to 303, with 27,840 workers participating in the joint pension plan.

Additionally, 84,233 people took part in the individual pension scheme, bringing the total participants to 106,251.

The fund also saw a surge in new beneficiaries, with 10,176 people enrolled in 2023, an increase of 54.8% compared to the previous year.

In 2023, the fund received MOP381.4 million in contributions, of which MOP311.9 million came from the mandatory scheme, corresponding to 81.8%, and MOP69.56 million from the non-mandatory scheme, corresponding to 18.2%.

Compared to 2022, total contributions increased by MOP3.12 million in 2023.

Applications associated with pensions reached 15,322, up 2,263 cases.

Expenditure on pensions and allowances granted in 2023 totaled MOP6.02 billion, representing an increase of MOP344.1 million compared to 2022. Victoria Chan