Brief Introduction

Law No. 7/2017 (Non-Mandatory Central Provident Fund System) and By-law No. 33/2017 (Supplementary Provisions on Non-Mandatory Central Provident Fund System) came into effect on 1 January 2018.  These laws regulate the second tier of the two-tier social security system, which aim to strengthen the old-age security of Macao residents and complement the existing Social Security System.  

The Non-Mandatory Central Provident Fund is composed of the allocation system and contributory system.  The allocation system is in the form of incentive basic funds and special allocation from budget surplus to eligible local residents by the Macao SAR when permitted by the budget implementation of the fiscal year, and the funds are managed by the Social Security Fund.  The contributory system is the core part of the System, in the form of contributions of employers and employees, or personal contributions of residents, and the funds are managed by qualified fund management entities.  By investing in pension funds, the system can provide better preparation for the living of Macao residents in their retirement.  Under normal circumstances, only account owners who have attained the age of 65 can apply for withdrawal of funds from their non-mandatory central provident fund’s individual accounts. 

Last updated: March 2021