The Social Security Fund (FSS) said yesterday that senior citizens who are eligible to receive the government’s annual cash injection into their Central Provident Fund accounts can automatically have the money transferred into their own bank accounts starting from next year, without having to apply for the transfer every year – as is currently the case.
The Social Security Fund, which is headquartered on the 18th floor of China Civil Plaza in Nape, made the announcement during a press conference in a pressroom on the 19th floor of the building, where a number of service counters run by the Macau Trade and Investment Promotion Institute (IPIM) are located.
In 2010, the government started to deposit 6,000 patacas into the Central Provident Fund accounts of eligible permanent residents every year. The amount was raised to the current amount of 7,000 patacas in 2014.
Ieong Un Lai (centre), who heads the Central Provident Fund System Department of the Social Security Fund (FSS), speaks during yesterday’s press conference at China Civil Plaza in Nape, as Ho Hoi Sang (left), who heads the Provident Fund System General Affairs Division of Ieong’s department, and Leong Iok Mei, an official of the fund, look on. Photo: Tony Wong
