MACAU NON-MANDATORY CENTRAL PROVIDENT FUND

1. Government-managed sub-account

✓   This is automatically opened by the FSS, of its own motion, for each Individual Account owner of the CPF;

✓   This account is to be managed by the FSS primarily for the recording and management of funds allocated by the Macau Government and the balance transferred from other sub-accounts;

✓   Source of funds include a one-time incentive basic funds of MOP10,000 + Special Allocation from Budget Surplus, of which allocation is based on the Macau Government annual budget surplus.

2. Contribution sub-account

✓   This is to be managed by management entity such as AIA, primarily for the recording and management of contributions toward the contribution scheme;

✓   Funds of this account will be invested in approved pension funds, including approved pension funds;

✓   There are two schemes in which contributions can be made into this sub-account: joint provident fund scheme (“Joint Scheme”) or individual provident fund scheme (“Individual Scheme”);

✓   Joint Scheme is set up voluntarily by the employer, which can be joined voluntarily by the employee. Under Joint Scheme, both employers and employees each make monthly contributions calculated at 5% of the employee’s basic wage of the month;

✓   If the employee whose basic wage of the month after deducting contributions is less than the minimum wage (i.e. the minimum wage for cleaning and security workers in the property management business), he/she is not required to make contribution but the employer still needs to make the 5% contribution;

✓   With effect from 1 September 2019, the lower limit is set at MOP7,007;

✓   If the employee whose basic wage of the month is more than five times the minimum wage (i.e. the minimum wage for cleaning and security workers in the property management business), both employee and employer are not required to pay contributions for the excessive part;

✓   With effect from 1 September 2019, the upper limit is set at MOP33,280;

✓   Please note: the employee can also make contributions if he/she is willing to do so for the exempted portion under the lower limit. Similarly, the employee and employer may jointly or separately make contributions for the exceeding part over the upper limit;

✓   Individual Scheme is set up and participated voluntarily by the Individual Account holder. The minimum amount of monthly contributions to be made by the Individual Account holder is MOP500, and the upper limit is MOP3,300 with each increment must be in unit of MOP100;

✓   Individuals who have participated in the Joint Scheme can also participate in the Individual Scheme, and staff members of public sector can only participate in Individual Scheme.

3. Preserved sub-account

✓   This is to be managed by the fund management entity such as AIA, primarily for the recording and management of the balance transferred from the Contribution sub-account due to termination of labour relations (i.e. leave employment);

✓   Balance under this account will be invested in approved pension funds, including approved pension funds offered by AIA.

✓   The Individual Scheme is set up and participated by the Individual Account owner of the CPF. He/she has complete discretion to set up an Individual Scheme;

✓   For further details, please refer to the website of Fundo de Seguranca Social (“FSS”)