Central saving accounts to get MOP 6,000 in September

Tuesday, May 17, 2011
Issue 1308, Page 2
Word count: 478
Published in: Macau Daily Times

By Poyi (Natalie) Leung

The government will inject MOP 6,000 into each of the central saving accounts in the second half of September, with around 320,000 permanent residents expected to qualify for the payment.

The Social Security Fund (FSS) announced a provisional list of names on its homepage yesterday, in which 293,393 permanent Macau residents have been automatically included.

Residents can check the FSS website, call the 24-hour hotline 2823-0230 or visit major local social organisations to confirm their inclusion on the list.

FSS director Ip Peng Kin said in a press conference that those who are already on the provisional list will not be required to complete or submit any paperwork to the government nor will they receive any written notification to save resources.

The central saving system is a provisional system set up in 2010 and will be abolished as soon as the central provident fund is established. The money injected by the government into each of the central saving accounts will then be transferred to the new system.

In 2010, the SAR Government put MOP 10,000 into each of the 296,000 accounts as start-up capital. About 68,000 permanent residents did not meet the requirements and not eligible to open an account.

According to Ip, Macau permanent residents aged 22 on or before December 31, 2010, who had been in the territory for a minimum of 183 days in 2010 can be included on the provisional list.

At present 88,778 residents were excluded and Ip said they can expect to receive a notification by mail from the FSS before May 25 and can submit a confirmation letter to meet the 183-day requirement, before July 31.

The FSS director said residents who have not left Macau for ‘a long period of time’ might not be included on the provisional list since the fund would not have their immigration records.

In addition, residents who were in Macau less than 183 days in 2010 because they undertook a higher education course, were hospitalised, over 65 years old and moved to the mainland, or were sent to work outside by an FSS-registered employer will need to fill in the confirmation letter in order to be included.

In mid-September the FSS will announce the final list confirming in which accounts it will inject the MOP 6,000.

Ip said it is estimated that between 310,000 and 320,000 permanent residents will qualify, while some other 60,000 will be excluded.

Residents who are 65 years old or above, who have been receiving the FSS disability pension for over a year or who are facing ‘huge medical expenses due to severe injury/sickness’ will be able to withdraw the money from their accounts once within a 12-month period from October.

On the other hand, Ip disclosed that a proposal for the implementation of the voluntary central provident fund should be put forward for consultation before the end of this year.

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