A plenary session of the Legislative Assembly (AL) yesterday passed the outline of a government-initiated bill according to which three percent of the surplus of the government’s annual central budget will be transferred to the Social Security Fund (FSS), provided that the statutorily required amount of the government’s “basic” reserves is sufficient, with the aim of ensuring the sustainability of the social security system over the next few decades.
Secretary for Economy and Finance Lionel Leong Vai Tac introduced the outline of the bill during a plenary session in the legislature’s hemicycle yesterday. The bill is officially known as Law on the Consolidation of the Financial Resources of the Social Security Fund.
According to the law regulating the government’s financial reserves, the government’s reserves consist of “basic” reserves and “extraordinary” reserves. The government told lawmakers in October last year that until August last year, the government had “basic” reserves of 147.5 billion patacas as well as “extraordinary” reserves of 365.9 billion patacas – the total reserves of 513.4 billion patacas – i.e. more than half a trillion patacas.
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