Gov’t maintains extra MOP7,000 to Non-Mandatory Central Provident Fund individual accounts in 2020

The Macau government will provide the annual extra MOP7,000 (US$876) to Non-Mandatory Central Provident Fund System individual account holders this year, a dispatch signed by Chief Executive Ho Iat Seng and published today at the Official Gazette indicates.

The fund was established in 2018 to strengthen social protection of local residents, and is set up voluntarily by the employer and joined voluntarily by the employee, with both contributing it and choosing a suitable pension fund and investment allocation for their respective contributions.

Each individual account has a sub-account managed by the Social Security Fund (FSS) primarily for the recording and management of funds allocated by the Macau Government and the balance transferred from other sub-accounts.

Since 2018 some MOP7,000 was provided to account holders, with the amount not increasing or decreasing this year.

Recently, local authorities have announced over MOP50 billion to balance the local budget and in financial initiatives aimed to boost the local economy.