The Social Security Fund (FSS) is expanding its personnel and organisational structure in order to accommodate and better administer an increased number of contributors, capital and attributions, the Macau SAR Government announced in a press conference held yesterday at its headquarters.
In 2016, the Fund managed approximately MOP85 billion, of which MOP70 billion were contributions to the first level social security scheme and some MOP14.9 billion to the second level central pension scheme, a representative of the Fund said during the announcement.
The number of contributors also increased, reaching 350,000 people, MSAR Government spokesperson Leong Heng Teng said.
In addition to creating another vice-president position, the new administrative regulation to be enacted on July 17 will create the Department of Central Pension Scheme and four new divisions within the Fund.
The four divisions are General Affairs and Accounts Management, under the new department to be created, plus Public Relations and Technical Support, as well as Investment Affairs division.
In order to cope with expanded demand and funds, and also in view of the implementation of the Non-Mandatory Central Provident Fund System in January 2018, the Fund is further increasing by 101 the number of public servants within the service.
The total number of civil servants to assist the expansion proposal of FSS amounts to 167 people from the 66 currently employed. The Fund currently employees 202 staff, including civil servants and others. The attendant representative said that the hiring of new “logistics or management personnel” is not excluded over time.
Two-tier Social Security System
The social security scheme is divided into a compulsory and voluntary scheme.
According to FSS, workers and employers who have an employment relationship must make contributions in the compulsory scheme, while citizens who meet the legal requirements can make the payment of contributions under the voluntary scheme.
In 2008, the government presented a proposal for a two-tier Social Security System covering the first level social security scheme (compulsory) and the second level central pension scheme (non-mandatory).