About the Scheme
About Non-mandatory Central Provident Fund System
Non-mandatory central provident fund system aims to strengthen the social protection for the residents of the Macao SAR in their old age and to complement the existing social security system. Law No. 7/2017 (Non-Mandatory Central Provident Fund System) was approved in detail by the General Assembly of the Legislative Assembly on 31 May 2017 and came into force on 1 January 2018.
Contents of Joint Provident Fund Scheme
Contents of Individual Provident Fund Scheme
- For the individual provident fund scheme, the minimum amount of monthly contributions is 500 patacas, or the contribution amount can also be increased at one’s own will but must be in unit of 100 patacas, and the upper limit is 3,500 patacas;
- Employees who have participated in the joint provident fund scheme can participate in the individual provident fund scheme at the same time;
- Staff members of public sector can only participate in the individual provident fund scheme.
Withdrawal of Funds
The account owners who are in the following situations may apply to withdraw funds, and the maximum amount that can be withdrawn will vary according to the reason provided.
| Reasons for making withdrawals | All or part of the balance in the individual account | The upper limit is the amount accumulated under the allocation system (Note 1) |
|---|---|---|
| He/she has attained age 65 | √ | |
| He/she is under age 65 but in the following situations: | ||
| There is a need to bear huge medical expenses due to serious injury or illness of his/her own | √ | |
| He/she has attained age 60 and is not engaged in any paid activities (Note 2) | √ | |
| He/she has humanitarian or other properly explained reasons | √ | |
| There is a need to bear huge medical expenses due to serious injury or illness of his/her spouse, any degree of lineal consanguinity or affinity | √ | |
| He/she has been receiving disability pension from the Social Security Fund for more than one year | √ | |
| He/she is currently receiving special disability subsidy from the Social Welfare Bureau | √ | |
(Note 1) The upper limit is the sum of the incentive basic funds and the special allocation of funds from budget surplus that are injected into the accounts by the government over the past years and less the accumulated amount of withdrawals.
(Note 2) Once the application has been approved, the individual account owner cannot withdraw funds for the same reason again.
Points to note:
- The employer’s contribution balance in the contribution sub-account can only be withdrawn by application after the termination of a labour relationship;
- All or part of the funds in the individual account can be withdrawn only once per year.
Related laws and regulations
-
Non-Mandatory Central Provident Fund System
Law No. 7/2017 -
Supplementary Provisions Relating to the Non-Mandatory Central Provident Fund System
By-Law No. 33/2017