A total of 39,512 senior citizens aged between 65 and 74 will receive the government’s annual Central Provident Fund cash injection – which is 7,000 patacas for this year – in their bank accounts today, according to a statement by the Social Security Fund (FSS) yesterday.
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.
The government opens a Central Provident Fund account for every local resident aged at least 18. The system of local residents’ Central Provident Fund accounts was initially regulated by a now-defunct law which came into force in 2012, which was replaced by the current law on the Non-mandatory Central Provident Fund system.
