More welfare needs higher contributions

Saturday, December 4, 2010
Issue 1182, Page 3
Word count: 258
Published in: Macau Daily Times

By Poyi (Natalie) Leung

Legal advisor to the Legislative Assembly, Sun Tong Peng, reiterated that residents should not expect higher social security benefits when their contributions remain low.

Sun was one of the 25 guest speakers invited to a legal reform symposium at the University of Macau on Thursday.

In his speech concerning the latest development of Macau’s social security system, Sun said “in the general condition, beneficiaries usually hope that they can afford a smaller contribution, enjoy a higher protection, and therefore the public revenue is always expected to invest a lot more into social security”.

However, he stressed that there is “no free lunch” in the world, adding that the tense relationship between the expectations of higher protection level and limited resources is a “common problem” within the social security system faced by a lot of countries nowadays.

“The way of how to solve the problem doesn’t only relate to the system itself but will also impact the overall socio-economic development,” the scholar from the Peking University warned.

The contribution amount of the new social security system will remain at MOP 45 per month in 2011, the Standing Committee for the Coordination of Social Affairs announced earlier.

The position of Macau’s social security system is to provide “basic social and retirement protection”, and the central provident fund to be established in the future is the measure aimed at offering “more ample protection”, Sun said.

Yet, he pointed out that the definition of “basic protection” is necessary and the Chief Executive will make a judgement after consulting with the standing committee.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: