1. The Right to the Allocation of Income of a Government-Managed Sub-Account
Account owners whose individual accounts of the non-mandatory central provident fund system are still in effect at the income settlement date will be entitled to the allocation of income.
2. Income Settlement Date of a Government-Managed Sub-Account
- The income settlement date is 31 December of each year;
- The income calculation period is the period from January to December of each year (the income calculated for the period from 1 September 2017 to 31 December 2017 will be transferred into the government-managed sub-account of the account owner in January 2018);
- The income will be transferred into the government-managed sub-account of the account owner of the non-mandatory central provident fund system in the month following the income settlement date.
- The rate of return for the government-managed sub-account for the period between January 2023 and December 2023 is 0.012025 % (converted to an interest rate of 4.389125 %).
3. Income Calculation Formula (effective from 1 January 2018)
The amount of income calculated using the above formula must be rounded down to an integral multiple of one pataca.
4. Improperly allocated income
If an account owner is found to have been improperly allocated with funds, such funds and the income derived from the government-managed sub-account shall be returned.
Points to note:
According to Article 15(1) of Law No. 7/2017, if an account owner dies, his/her individual account shall be cancelled only when the account balance has been fully withdrawn by the related heir(s). Therefore, no income shall be allocated to the individual account that has been cancelled before the income settlement date.