The Executive Council has completed discussion on the new organic law of the Social Security Fund (abbreviated to FSS in Macao). The draft includes the addition of one Vice-President, one department and four divisions.

The current organic law of the FSS was promulgated in 1993. With the establishment of a two-tier social security system as the policy priority of the SAR Government in the area of social security, and the coming into force of the second-tier “Non-Mandatory Central Provident Fund System” on 1 January 2018, these mark the expansion of the core functions of the FSS, from the implementation of just one system, the “Social Security System”, to the implementation of two, the “Social Security System” and “Central Provident Fund System”. To effectively implement the policy objectives and the performance of new functions, the FSS drafted the by-law “Organization and Operations of the Social Security Fund”, which aims to reorganize its organizational structure and adjust the staff posts in its establishment, so that the FSS will have more effective resources to properly implement its functions.

The adjustments in the new organic law include:

(1) The addition of a Vice-President to assist the President in the management and coordination of new functions and structure.

(2) The addition of Department of Central Provident Fund System and four divisions:

• Division of General Affairs of Provident Fund System
• Division of Management of Accounts of Provident Fund System
• Division of Investment Affairs
• Division of Public Relations and Technical Support

(3) The increase of staff posts in the establishment of the FSS in order to meet the human resource needs that arise from the expansion of its functions and the restructuring of its organizational structure.

As of the end of 2016, the total assets managed by the FSS amounted to 85 billion patacas. Since the implementation of the new “Social Security System” in 2011 and the “Provident Fund Individual Accounts” in 2012, the FSS has gradually increased its contract staff in response to the needs of the work and set up a related temporary workgroup. At present, the FSS has 202 serving employees, and so it has no immediate need for staff recruitment in order to fill the staff posts in its establishment. After the reorganization of the structure, the FSS hopes to establish a stable workforce in order to effectively carry out the related work of the first-tier Social Security System and the second-tier Non-Mandatory Central Provident Fund.