Frequently Asked Questions

Non-mandatory Central Provident Fund System

• General Information Relating to the Non-Mandatory Central Provident Fund System
  • What is the purpose of establishing the non-mandatory central provident fund system?

    The purpose of establishing the non-mandatory central provident fund system is to strengthen the social protection for the residents of the Macao Special Administrative Region in their old age and to complement the existing social security system.

  • What sub-accounts compose an individual account of the non-mandatory central provident fund system?
    An individual account is composed of the following three types of sub-accounts:

    A government-managed sub-account which is managed by the Social Security Fund, primarily for the use of recording and managing the funds allocated by the government, and the balance transferred from other sub-accounts;  

    A contribution sub-account which is managed by the fund management entity, primarily for the use of recording and managing the contributions of the contribution scheme;

    A preserved sub-account which is managed by the fund management entity, primarily for the use of recording and managing the balance transferred from the contribution sub-account due to termination of a labour relationship.

     
  • According to the law, the funds in the sub-accounts can be transferred to one another.  Are there any rules to observe?
    The rules for the transfer of funds are as follows:

    (1) All the balance in the sub-account must be transferred;

    (2) The funds of government-managed sub-account can be transferred in and transferred out once a year (but it does not affect the transfer of funds from multiple sub-accounts to the government-managed sub-account within the same application), and the transfer of funds is subject to the approval of the Social Security Fund;

    (3) There is no limit on the number of fund transfers regarding the contribution sub-account and the preserved sub-account.  The account owner can transfer the funds by way of notifying the fund management entity;

    (4) The funds in the contribution sub-account can only be transferred to a preserved sub-account or a government-managed sub-account at the time when a labour relationship is terminated or when an account owner stops making contributions towards the individual provident fund scheme.

     
  • What is the difference between an individual account owner of the provident fund and an individual account owner of the non-mandatory central provident fund system?  Do I need to complete any formalities?
    The Non-Mandatory Central Provident Fund System Law came into force on 1 January 2018, and the individual account owner of the provident fund automatically became the account owner of the non-mandatory central provident fund system, and the balance of the individual account was automatically transferred without formality to the government-managed sub-account of the non-mandatory central provident fund system’s account owner.

     
• Investment Instruments of the Non-Mandatory Central Provident Fund System
  • Are the contributions invested by the government?

    No.  The contributions are invested by the fund management entities of the market.  Employers, employees, and the contributors of individual provident fund scheme pay contributions to the fund management entities and subscribe fund units from them.

  • Can a fund management entity register its managed open pension fund(s) as the investment instrument(s) of the non-mandatory central provident fund system?

    The fund management entity may apply to the Social Security Fund for registration of its managed open pension fund(s) that has/have been approved by the Monetary Authority of Macao as the investment instrument(s) of the non-mandatory central provident fund system.

  • How to check the investment instruments available under the non-mandatory central provident fund system?

    After being approved, the list of pension funds will be published by the Social Security Fund on its website for public inspection.

  • Can I pay contributions towards my government-managed sub-account?

    No.   The government-managed sub-account is not used for receiving contributions.  It is primarily for the use of recording and managing the funds allocated by the government and the balance transferred from other sub-accounts.  

  • Can I transfer the balance of my government-managed sub-account to the contribution sub-account and preserved sub-account for appreciating its value through investment?

    Yes.

  • Are the fund management entities supervised in order to protect the rights and interests of the account owners?

    The Monetary Authority of Macao supervises the fund management entities, their business agents, the pension funds’ portfolio and their operations according to the existing laws in order to protect the rights and interests of account owners.

• Access to Information
  • When and how can an account owner obtain information relating to his or her account, e.g. the account balance?

    Account owners can find basic information relating to their government-managed sub-accounts (e.g. account balance and interest income) from the Social Security Fund’s website.  Account owners can log on to the information platform for more information relating to their government-managed sub-accounts.  Such information is generally updated monthly.   The information relating to the contribution sub-account and preserved sub-account can be obtained from the non-mandatory central provident fund system information platform, or the account owner may contact the fund management entities for the related information.

  • How can I get information such as the return, risk and fees of various pension funds?

    Such information can be found on the non-mandatory central provident fund system information platform, or you may contact the fund management entities for the related information. 

  • What are the channels available to an employer for checking the amount of benefits vested by the employee or the amount of unvested benefits that still belongs to him or herself?

    The employer may contact the fund management entities for the related information.

• Interface Between the Joint Provident Fund Scheme and a Private Pension Plan
  • How does the employer’s decision of participating in the non-mandatory central provident fund system affect old employees and newly hired employees?

    After the employer has interfaced with the non-mandatory central provident fund system, old employees who have already participated in a private pension plan can choose to interface with the non-mandatory central provident fund system, or choose to remain in the private pension plan.  However, the newly hired employees can only participate in the non-mandatory central provident fund system.  (For more details, please refer to the “Interface between Joint Provident Fund Scheme and Private Pension Plan”.)

  • Assuming that the upper limit of the calculation base of contributions set by an employer for a private pension plan is 50,000 patacas, will this ceiling be lowered to 33,280 patacas after interfacing with the non-mandatory central provident fund system?

    The non-mandatory central provident fund system only lays down the basic standards.  The law has made it clear that if the terms set in the private pension plan are more favourable for employees than those in the non-mandatory central provident fund system, such terms must continue to apply after interfacing.  In the above example, the upper limit of the calculation base of contributions must remain at 50,000 patacas at the time when the employer interfaces with the non-mandatory central provident fund system. 

  • After interfacing, will the contribution time for the previous private pension plan be counted towards the contribution time for the non-mandatory central provident fund system?

    The contribution time for the private pension plan and the joint provident fund scheme must be added together.  For example, assume that an employee already had five years of contributions towards a private pension plan, and he or she chose to interface with the non-mandatory central provident fund system in the sixth year.  Then, he or she paid contributions towards the non-mandatory central provident fund system for two more years before leaving the job.  In this case, both the private pension plan and the joint provident fund scheme must be calculated based on seven years.  

  • Can a personal contribution scheme under the private pension system (e.g. a private pension plan whereby individuals participate in insurance companies in their personal capacity) be interfaced with an individual provident fund scheme?

    No.

  • If an employee leaves the job after participating in the joint provident fund scheme through interface, can he or she transfer the benefits in the private pension plan to the non-mandatory central provident fund system?

    Yes.  However, the account owner is required to complete a dedicated form within three months from the date of obtaining the benefits from the private pension plan in order to apply to the Social Security Fund for the transfer of related benefits to his or her individual account.

• Joint Provident Fund Scheme – Employer
  • What are the employer’s benefits of participating in the non-mandatory central provident fund system?

    Within the limits prescribed by the tax laws, in order to determine the employer’s taxable profits with respect to the profits tax and salaries tax, the contributions paid by employer towards the joint provident fund scheme can enjoy an additional two times of tax concessions within the first three years of implementation of the non-mandatory central provident fund system.  (For more details, please refer to the “Tax Concessions”.)

  • If an employer participates in the non-mandatory central provident fund system, can he or she allow only some employees to participate in the joint provident fund scheme?

    No.  Employers participating in the non-mandatory central provident fund system must allow all local employees, except non-resident workers, to choose whether to participate in the scheme, and they must notify their employees of exercising their right to participate within 10 working days from the date of receiving the notice about the coming into effect of the scheme.

  • Does an employer have the right to choose the fund management entity and the investment allocation of contributions?

    The fund management entity is chosen by the employer.  The employer and employee may choose the suitable pension fund and investment allocation for their own contributions.  However, if the employee’s contribution time satisfies the requirement for obtaining all the contribution balance of his or her employer, the right to choose the investment allocation of the employer’s contributions should be passed on to the related employee even though the labour relationship has not been terminated.

  • Can an employer apply to switch the fund management entities?

    Yes.  After the employer and the new fund management entity have entered into the joint provident fund scheme contract, the documents will be submitted to the new fund management entity for the related formalities and it is subject to the approval of the Social Security Fund.  The switching of fund management entities must not reduce the employee’s benefits granted by the original fund management entity, in particular, the employer’s contribution rate, the calculation base of contributions and the vesting of benefits, and it shall not affect the continuous calculation of the contribution time.

  • Can an employer pass his or her investment right of contributions on to the related employee from the date of establishing the joint provident fund scheme?

    Yes.

  • How to calculate the amount of contributions payable for the employee?

    The minimum amount of contributions towards the joint provident fund scheme is 5% of the employee's monthly basic wage (commonly known as the basic salary).  The employer may also set the calculation base of contributions to be more favourable for his or her employees, e.g. to calculate the contributions based on the basic remuneration (i.e. the whole salary for the month).

  • If an employer wants to set more favourable contribution conditions for his or her employees (e.g. adjusting the calculation base of contributions, the contribution rate, and the lower and upper limits of the calculation base of contributions), how should he or she propose the amendment?

    The employer should make the adjustment by way of amending the joint provident fund scheme through the fund management entity.

  • Can an employer provide multiple fund management entity choices for his or her employees at the same time?   Is an employer allowed to provide better-than-standard contribution conditions (e.g. the calculation base of contributions, contribution rate) at the time when he or she participates in the non-mandatory central provident fund system?

    The standards set by the law are only the minimum requirements.  The System allows employers to set conditions that are more favourable for employees.  Employers can therefore provide multiple fund management entity choices for their employees at the same time, and can also provide better-than-standard calculation base of contributions, contribution rates, etc.

  • In terms of the contribution conditions for the joint provident fund scheme, employers can set different conditions for employees of different classes when entering into a joint provident fund scheme contract (e.g. the contribution rate for employees at manager level to be 10% and clerical level to be 5%).  Does the employer need to inform the related fund management entity about the change in the employee’s class?

    The employer should inform the fund management entity of the change in the employee’s class as soon as possible so that the related fund management entity can make the corresponding adjustments.

  • If an employee leaves the job after working for only one year, is he or she entitled to the employer’s contributions?  How can the employer handle the unvested benefits?

    The employer can use the funds to pay contributions for other employees or apply to the Social Security Fund for fund withdrawal, but such funds cannot enjoy tax concessions.

  • When an employee leaves, when should the employer inform the fund management entity?

    The employer should inform the related fund management entity of termination of a labour relationship by submitting a dedicated form designated by the fund management entity in the month following the termination of a labour relationship.

  • Will there any penalties for an employer who has defaulted contributions?

    The fund management entity and the Social Security Fund will remind and advise the employer to fulfil his or her obligations.  If the employer is still in arrears with contributions, the default contributions may be subject to compulsory collection as well as the removal of temporary tax concessions according to the law.

  • Will there any penalties for an employer who misappropriates the employee’s contributions and fails to remit the sum to the fund management entity?

    If it proves that an employer has intended to misappropriate all or part of the non-mandatory central provident fund system contributions that he or she deducted from the employee’s remuneration according to law and fails to remit the deducted amount to the fund management entity within 60 days after the expiration of the statutory time limit, he or she will be liable to imprisonment of up to three years or a fine.

  • Can an employer apply for withdrawal from the scheme after participating in the non-mandatory central provident fund system?

    No.  However, the employer may apply to the Social Security Fund based on major economic reasons, and if the application is granted, the employer may suspend the contributions for all of his or her employees for up to one year. (The employer may apply for renewal of the suspension in accordance with the relevant provisions)

  • If an employer wants to set up a provident fund for his or her non-resident workers, can he or she only participate through the existing private pension plan?

    Yes.

• Joint Provident Fund Scheme – Employee
  • When will an employee start to pay contributions after he or she joins a company?  Is he or she required to pay contributions during the probationary period?  Is a casual worker required to pay contributions?

    After an employee joins a company, whether he or she is within the probationary period or whether he or she is a casual worker, the contribution will start in the month following the employee’s written consent to participate in the scheme.

  • Is interfacing a private pension plan with the joint provident fund scheme beneficial to employees?

    It is beneficial to employees.  The non-mandatory central provident fund system provides that the employer’s contribution balance after interfacing cannot be used as deduction for dismissal compensation.

  • Does an employee have the right to choose the fund management entity and the investment allocation of contributions?

    An employee does not have the right to choose the fund management entity but is chosen by his or her employer.  The employee then chooses the investment allocation for his or her contributions from among the investment instruments that the above entity has registered under the non-mandatory central provident fund system; and when the employee’s contribution time fulfils the requirement for obtaining all the contribution balance of his or her employer, the employee can have the sole discretion to decide the investment allocation for the contributions of the employer and his or her own.

  • If a labour relationship has not been terminated, under the vesting scale, an employee will be entitled to 30% of the employer’s contributions if the employee’s contribution time is three years but less than four years.  In this case, does the employee have the right to decide the investment allocation of the employer’s 30% of contributions?

    No.  Since the contributions paid by the employer and employee are recorded separately, only when the employee’s contribution time fulfils the requirement for obtaining all the contribution balance of his or her employer can the employee have the sole discretion to decide the investment allocation.

  • Can an employee adjust the contribution amount, e.g. increase the contribution rate, or pay contributions in respect of an amount that exceeds the upper and lower limits of the calculation base of contributions?

    Yes.  The employee can apply to the fund management entity for the adjustment through his or her employer, but only once a year.

  • How can the accrued benefits in the contribution sub-account be processed when the employee leaves?
    The employee must process the benefits of his or her contribution sub-account in one of the following ways:

    (1) Roll over the benefits into the preserved sub-account opened by the original fund management entity (this is the default option when the employee does not specify the processing method of the funds); or

    (2) Transfer the benefits to the government-managed sub-account; or

    (3) If there are other contribution sub-accounts, the benefits can be transferred to one of the other contribution sub-accounts; or

    (4) Transfer the benefits to the preserved sub-account opened by other fund management entities under the non-mandatory central provident fund system for integration.

     

    If the employee has not applied for the transfer of funds from his or her contribution sub-account to the other sub-account within three months from the month following the termination of a labour relationship, the original fund management entity will open a preserved sub-account for the employee within five working days following the expiry of the aforementioned period in order to record the funds transferred from the contribution sub-account.
  • When an employee changes jobs, if a contribution sub-account related to his or her new employer has been opened by a fund management entity, can the balance in the original contribution sub-account be transferred directly to the new contribution sub-account?

    Yes.

  • How does an employee make the payment of contributions?

    The contributions are deducted by the employer from the employee's monthly wages and remitted by the employer to the fund management entity.

  • What should I do if I find that my employer has not paid contributions for me?

    You should complete a form for complaint against the employer and submit the required documents to the Social Security Fund for its follow-up action.

  • Can the public administration staff participate in the non-mandatory central provident fund system?

    They can only participate in the individual provident fund scheme.

  • Can a non-resident worker participate in the non-mandatory central provident fund system?

    No.

  • If an employer has established a joint provident fund scheme, do his or her employees have to participate in the scheme?  Or they can decide for themselves whether to participate in the scheme?

    In the current non-mandatory stage, employees can decide for themselves whether to participate in the scheme.

  • If an employee is working for two companies at the same time, can he or she pay contributions towards only one scheme while his or her two employers pay their employer contributions respectively?

    In the current non-mandatory stage, an employee can decide for him or herself whether to participate in the scheme.  Once he or she has decided to participate in the joint provident fund schemes of two employers, the employee must pay contributions towards these two joint provident fund schemes respectively.

  • Can an employee request to suspend contributions towards a joint provident fund scheme according to the actual situation of his or her own?

    No.  However, if the employer applies to the Social Security Fund for suspension of contributions based on major economic reasons and the application is approved, his or her employee can apply to the Social Security Fund for suspension of contributions citing this reason.  The period during which both parties suspend contributions will not be counted towards the contribution time.

  • What are the upper and lower limits of the calculation base of contributions for the joint provident fund scheme of the non-mandatory central provident fund system?

    The upper limit for the calculation base of contributions is 33,280 patacas.  The employer and employee can be exempted from paying contributions in respect of the excess amount.  The lower limit for the calculation base of contributions is 7,007 patacas.  If the employee’s basic salary is less than the lower limit, the employee can be exempted from paying contributions, but the employer is still required to make contributions.  However, the law allows employer and employee to make contributions, either jointly or separately, in respect of the excess amount.  (For more details, please refer to the “Contents of Joint Provident Fund Scheme”).

• Individual Provident Fund Scheme
  • What are the requirements for participating in an individual provident fund scheme?  Is a person required to stay in the Macao Special Administrative Region for at least 183 days during the preceding calendar year?

    Any resident of the Macao Special Administrative Region who has reached 18 years of age, or under age 18 but has already enrolled in the social security system, may establish an individual provident fund scheme, and there are no other requirements.

  • Can an account owner participate in the individual provident fund scheme of a number of fund management entities at the same time?

    Yes.  However, the account owner can only establish one individual provident fund scheme with each fund management entity.

  • If an employer does not participate in the non-mandatory central provident fund system, can his or her employees participate in the individual provident fund scheme?

    Yes.

  • Can an employee participate in the joint provident fund scheme and an individual provident fund scheme at the same time?

    Yes.

  • Will there be any penalties for a contributor of the individual provident fund scheme who defaults or pays contributions late?

    It depends on whether the fund management entity selected by the contributor of the individual provident fund scheme has penalties or not.

  • Can I pay one year’s contributions in advance?

    No.  The contributions of an individual provident fund scheme should be paid monthly and a cap is placed on the contribution amount, which currently stands at 3,300 patacas.

  • Assume that the current balance of my government-managed sub-account is 56,000 patacas, can I apply to transfer all the funds to the individual provident fund scheme at one go?  Will it be subject to the monthly maximum contribution amount of 3,300 patacas?

    Yes.  The above situation belongs to the transfer of funds between sub-accounts, so it is not subject to the monthly maximum contribution amount of 3,300 patacas, but all the balance in the government-managed sub-account must be transferred.  Please also note that the funds in the government-managed sub-account can be transferred in and transferred out only once a year.

  • If within the upper and lower limits of the contributions required by law, can the amount of monthly contributions of an individual provident fund scheme be increased or decreased according to one’s own ability to contribute?

    Yes.  The account owner should inform the fund management entity in writing and it will take effect in the month following the date of notification.  The amount of adjustment for the contributions must be an integral multiple of 100 patacas.

  • Are there any restrictions on the suspension of contributions towards an individual provident fund scheme?  Can all the funds be withdrawn after the contribution payment is terminated?

    You must inform the related fund management entity and please also note that it is subject to whether the fund management entity will impose additional charges on the suspension of contributions.  Under normal circumstances, an account owner must be 65 years of age or older to apply for withdrawal of all or part of the funds.  (For more details, please refer to the “Withdrawal of Funds”.)

• Incentive Basic Funds
  • Does an account owner of the non-mandatory central provident fund system need to meet certain requirements in order to be qualified for the incentive basic funds?  Whether an account owner is entitled to the incentive basic funds once only?

    An account owner who is still alive on 1 January of the year of fund distribution and who simultaneously met the following requirements during the preceding calendar year shall be entitled to the incentive basic funds:

    (1) He or she was a permanent resident of the Macao Special Administrative Region;
    (2) He or she attained 22 years of age;
    (3) He or she stayed in the Macao Special Administrative Region for at least 183 days.

    Each account owner of the non-mandatory central provident fund system will be entitled to the incentive basic funds once only.

  • If an account owner stays in Macao for less than 183 days during a given calendar year, will he or she be entitled to the incentive basic funds?

    The period during which an account owner was outside the Macao SAR for the following reasons shall be considered as the time staying in Macao, but he or she is required to provide sufficient evidence to the Social Security Fund:

    (1) He or she attended higher education courses recognized by the local competent authority;
    (2) He or she was hospitalized;
    (3) He or she resided in mainland China and:
         (a) attained 65 years of age;
         (b) was under 65 years of age, due to health reason, in particular, the need for non-hospital nursing, palliative therapy, rehabilitation services or family care;
    (4) He or she provided work outside the Macao Special Administrative Region for an employer registered with the Social Security Fund;
    (5) He or she worked outside the Macao SAR in order to bear the main living expenses of his or her spouse, any degree of lineal consanguinity or affinity who resided in the Macao SAR;
    (6) He or she performed official duties, performed duties for the Macao SAR or discharged other official duties;
    (7) The Chief Executive may, after obtaining advice from the Administrative Committee of the Social Security Fund, allow an account owner’s period of stay outside the Macao Special Administrative Region for humanitarian or other properly explained reasons to be considered as the time staying in Macao.

  • If the government does not have special allocation from budget surplus in a given year, will there be incentive basic funds?

    If an account owner of the non-mandatory central provident fund system has never been allocated the incentive basic funds, provided that he or she meets the requirements for the incentive basic funds in any calendar year, he or she will be entitled to one-time incentive basic funds in that year.

  • Is the incentive basic funds of the non-mandatory central provident fund system the same as the incentive basic funds of the provident fund individual account?

    The incentive basic funds prescribed by the Law of “Provident Fund Individual Accounts” will be considered as being paid to the individual account of the non-mandatory central provident fund system and therefore the account owner will get the incentive basic funds for once.

• Special Allocation from Budget Surplus
  • How can I be entitled to the special allocation from budget surplus?

    An account owner who is still alive on 1 January of the year of announcement about the special allocation from budget surplus and who simultaneously met the following requirements during the preceding calendar year shall be entitled to the special allocation from budget surplus:

    (1) He or she was a permanent resident of the Macao Special Administrative Region;
    (2) He or she attained 22 years of age;
    (3) He or she stayed in the Macao Special Administrative Region for at least 183 days.

  • How to calculate the number of days a person stays in the Macao Special Administrative Region?

    The number of days an account owner stays in Macao is basically based on the entry/exit records provided by the Public Security Police Force.  As long as an account owner has been in Macao within one day, he or she will be counted as staying in Macao for that day.

  • If an account owner stays in Macao for less than 183 days during a given calendar year, will he or she be entitled to the special allocation from budget surplus?

    The period during which an account owner was outside the Macao SAR for the following reasons shall be considered as the time staying in Macao, but he or she is required to provide sufficient evidence to the Social Security Fund:

    (1) He or she attended higher education courses recognized by the local competent authority;(2)   He or she was hospitalized;
    (3) He or she resided in mainland China and:
         (a) attained 65 years of age;
         (b) was under 65 years of age, due to health reason, in particular, the need for non-hospital nursing, palliative therapy, rehabilitation services or family care;
    (4) He or she provided work outside the Macao Special Administrative Region for an employer registered with the Social Security Fund;
    (5) He or she worked outside the Macao SAR in order to bear the main living expenses of his or her spouse, any degree of lineal consanguinity or affinity who resided in the Macao SAR;
    (6) He or she performed official duties, performed duties for the Macao SAR or discharged other official duties;
    (7) The Chief Executive may, after obtaining advice from the Administrative Committee of the Social Security Fund, allow an account owner’s period of stay outside the Macao Special Administrative Region for humanitarian or other properly explained reasons to be considered as the time staying in Macao.

  • If I do not participate in the non-mandatory central provident fund system, will this affect my right to the special allocation from budget surplus?

    It will not affect your right to the special allocation from budget surplus.

• Income Distribution of Government-Managed Sub-Account
  • Is the income distributed annually?

    Yes. The income settlement date for each year is 31 December of the year, and the income will be transferred to the government-managed sub-account of the individual account in the month following the settlement date.  The amount of income distributed may vary depending on factors such as the special allocation from budget surplus and the annual rate of return, and also whether the account owner has ever withdrawn funds or not.

  • If an account owner has made withdrawals on a certain day in the month, will the said month be considered as a whole month for the purpose of calculating income?

    No. The amount of income distributed is calculated based on the daily balance of the government-managed sub-account during the income calculation period.  For more information about the calculation of income, please refer to the Examples of Income Calculation on the Social Security Fund’s website.

  • In case of an account owner's death, will his or her heir receive an income if the heir has applied to withdraw all the balance in the account owner’s individual account in November?

    According to the law, if an account owner dies, his or her individual account shall be cancelled after settlement.  The account owner’s individual account must remain in effect on the income settlement date (31^st December) in order to be eligible for the distributed income.  Therefore, if the heir of the estate applies for withdrawal of the account balance in November, the individual account will then be cancelled before the income settlement date, and no income will be distributed to the heir.

• Withdrawal of Funds
  • When can I withdraw funds from my non-mandatory central provident fund system individual account?

    Under normal circumstances, an account owner may apply to withdraw all or part of the balance from his or her individual account when he or she turns 65 years old.  For an account owner who is under 65 years of age but meets the requirements of the law, he or she may apply for early withdrawal of the funds.  For more details, please refer to the Withdrawal of Funds on the Social Security Fund’s website.  In addition, the account owner may withdraw once a year for all or part of the funds from his or her individual account.

  • If a joint provident fund scheme is interfaced with a private pension plan, when can the account owner apply to withdraw the contributions accumulated before and after the interface?

    In terms of the accumulated funds of the private pension plan, the account owner may withdraw the funds according to the conditions laid down in the plan; and for the accumulated funds of the joint provident fund scheme, the account owner may, under normal circumstances, apply for fund withdrawal when he or she turns 65 years old.

  • If a labour relationship has not been terminated and the employee is entitled to all of the employer’s contributions after contributing for 10 years, can the employee apply to withdraw the contribution balance of his or her employer when he or she turns 65 years old?

    No. Prior to termination of a labour relationship, the contributions paid by employer and employee are recorded separately.  Even if the account owner meets the requirements for fund withdrawal, the employee can only withdraw his or her own contribution balance.

  • If I apply for early withdrawal of funds on the grounds that “I have attained 60 years of age and am not engaged in any paid activities”, can I use this reason to apply for fund withdrawal once a year?

    To withdraw funds on the grounds of “attaining 60 years of age and not engaging in any paid activities”, you may use this reason to apply for early withdrawal of funds but only once between the age of 60 and 65.

  • How can an account owner aged 65 and older apply to withdraw funds from his or her individual account?

    He or she may submit the application, either in person or through a representative, to the temporary office of the Social Security Fund at Tap Seac, Macao Government Services Centre, Macao Government Services Centre in Islands and six Public Services Centres under Municipal Affairs Bureau or use the self-service machines to apply for fund withdrawal.

  • Can I apply for withdrawal of funds from multiple sub-accounts at the same time in the same application?

    Yes. However, since the fund withdrawal involves more than one sub-account, you may need to indicate in the dedicated form the order of settlement of each sub-account.

  • Can all people use the self-service to apply for fund withdrawal?

    The following eligible individual account owners may apply for fund withdrawal through the self-service machine:

    (1) An account owner who attains 65 years of age and is currently receiving old-age pension/disability pension from the Social Security Fund, or subsidy for senior citizens from the Social Welfare Bureau;
    (2) An account owner, under age 65, who has been receiving disability subsidy from the Social Security Fund for more than one year;
    (3) An account owner who is currently receiving special disability subsidy from the Social Welfare Bureau.

  • Are there any rules relating to the withdrawal amount?

    The account owner who meets the eligibility for fund withdrawal can apply for withdrawal of all or part of the funds from his or her individual account. If the application is filed for the following reasons, the maximum amount that can be withdrawn is the amount of government funds distributed to the account owner over the years but has not been withdrawn. This amount does not include the contingent revenue obtained over the years.
    (1) There is a need for him or her to bear huge medical expenses due to the serious injury or illness of his or her spouse, any degree of lineal consanguinity or affinity;
    (2) He or she has been receiving disability pension payable under Law No. 4/2010 for more than one year;
    (3) He or she is currently receiving special disability subsidy payable under Law No. 9/2011 (Disability Allowance and Free Health Care Service System).

  • If an account owner dies, how will the money in his or her individual account be handled?

    If an account owner dies, the final balance in his or her individual account shall be counted towards his or her estate, and the account owner’s legitimate heir can apply to withdraw the deceased’s individual account balance, but he or she is required to submit valid and legal documents.

• Registration for Automatic Withdrawal of Funds
  • Why people under age 65 cannot register for Automatic Withdrawal of Funds?

    Under Law No. 7/2017 (Non-Mandatory Central Provident Fund System), account owners must be at least age 65 to withdraw funds. The reason given by account owners under age 65 to apply for early withdrawal of funds must be supported with documents and so they must go through the formalities of fund withdrawal every year.

  • Can an account owner specify the payment amount for the Registration for Automatic Withdrawal of Funds?

    Registration for Automatic Withdrawal of Funds is a convenient measure.  For account owners aged 65 or older who are eligible for payment, the special allocation from budget surplus for the year together with the contingent revenue will be paid in the year of fund allocation.  There is no need to specify the payment amount.

  • When will the funds be paid after registering for Automatic Withdrawal of Funds?

    From the year following the year of registration, the funds will be paid in late August of the year of fund allocation provided that the account owner meets all the requirements for payment.  The requirements for payment are as follows:
    (1) The person must be included in the list of special allocation from budget surplus announced in mid-June of the year concerned
    (2) The person must have provided the proof of life for the year by June 30^th of the year concerned
    (3) The person has not applied for withdrawal of funds from his/her non-mandatory central provident fund system individual account between January 1^st and June 30^th of the year concerned.

  • One of the requirements for payment under the Registration for Automatic Withdrawal of Funds is that the person must be included in the list of special allocation from budget surplus announced in mid-June of the year.  And so, does it include the account owners who are put on the list again after submitting the objection statement?

    No, it does not.

  • If you will turn 65 in the coming month, can you register in advance for Automatic Withdrawal of Funds?

    You must wait until you are 65 before you can register.

  • Can I specify the bank account for receiving the payment when I register for Automatic Withdrawal of Funds?

    No, you cannot. The money will be deposited into the bank account where the account owner is receiving old-age or disability pension.

  • If an account owner dies after registering for Automatic Withdrawal of Funds, what should I do?

    In the case of the death of the account owner, you must still apply to the Social Security Fund for the withdrawal of funds by the heir in accordance with the relevant provisions on inheritance.

  • Can I cancel the Registration for Automatic Withdrawal of Funds after applying?

    Yes, you can but only the cancellation request submitted before the end of June will take effect in the year concerned.

  • If the automatic payment is suspended in a given year because the account owner does not meet the relevant requirements, will he/she be notified by mobile text message (SMS) or by post?

    Yes, the account owner will be notified by SMS or by post in early July, and the notice of fund withdrawal will be mailed in late July or August.

  • If an account owner dies, do I need to go to the Social Security Fund to complete the formalities of terminating the automatic withdrawal of funds?

    You only need to report to the Social Security Fund about the death of the account owner.

  • Can I submit the Application for Registration for Automatic Withdrawal of Funds by post?

    Yes, you can.

• Questions Relating to Other Administrative Formalities
  • What should an account owner do if he or she cannot sign?

    If an account owner’s Macao SAR Resident ID Card shows that the holder cannot or is unable to sign, he or she is required to put his or her fingerprint on the signature line of the form instead.  If the account owner is unable to sign because of physical problems or old age, he or she can put his or her fingerprint on the signature line and indicate the reason why he or she is unable to sign.

  • If an account owner is incapacitated (e.g. cannot manage property by him or herself due to coma, mental retardation, mental illness, dementia, etc.), can someone file an objection statement or apply for fund withdrawal on his or her behalf?

    The account owner can be represented by his or her legal agent, the spouse, a relative within the third degree of consanguinity (e.g. parents, children, grandparents, grandchildren, great-grandparents, great-grandchildren, siblings, siblings of parents) or the institution that takes care of the account owner.

  • Who can be a witness?

    A witness can be any Macao SAR resident who is  aged 18 years and older, such as a family member or a friend.

  • Who are the immediate family members?

    Immediate family members are parents, grandparents, great grandparents, parents/grandparents/great-grandparents of the spouse, children and their spouse, grandchildren and their spouse, great-grandchildren and their spouse, etc.

  • How can I get an application form and declaration form?

    You can go to the “Download” Tab on the Social Security Fund’s website to download the application form and declaration form, or the forms can be obtained from a service point.

• Questions Relating to the Individual Account Owner’s Address
  • How can an account owner change his or her address?

    An account owner may change his or her address by sending an email (at@fss.gov.mo), a fax (2853 2840), a mail (Alameda Dr. Carlos d'Assumpção, n.^os 249-263, Edf. China Civil Plaza, 18.º andar, Macau), or via the self-service machine, or ask someone to submit the required documents for him or her to a service point of the Social Security Fund.  Any of the above methods must provide the account owner’s name, ID card number, address and contact phone number.