Temp : 21°C   Humi : 68%
2021-12-09 10:31:14

Introduction

Law No. 7/2017 (Non-Mandatory Central Provident Fund System) entered into force on 1 January 2018.  According to Article 59 of the Law, the Social Security Fund must complete the report on reviewing the implementation of the Law, within 180 days immediately after the Law has entered into force for three years, in particular, the necessary conditions for the mandatory implementation of the Central Provident Fund System (referred to as the “Mandatory Central Provident Fund”) and the impact of relevant measures on society and the economy.

The University of Macau’s research team was commissioned to compile the report, mainly by  summarizing the operations and implementation of the Non-Mandatory Central Provident Fund and the interview opinions of stakeholders, analysing Macao’s economic situation, the affordability of employers and the residents’ acceptance of retirement savings.  A feasible plan for advancing the Mandatory Central Provident Fund and its implementation timetable were also put forward.