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Approved Applications Submitted before the End of September for Withdrawal of Funds from Non-Mandatory Central Provident Fund System’s Individual Accounts to Receive the Funds

2020-10-20

The Social Security Fund (abbreviated to FSS in Macao) announced that the non-mandatory central provident fund system’s individual account owners who applied before the end of September, for withdrawal of funds of this year will receive the funds tomorrow (21st October), and they will start to receive the notification by mail or mobile text message (SMS).  Prior to this, 54,000 senior citizens eligible for automatic payment already received their payment on 21st August. 

For non-mandatory central provident fund system’s individual account owners who already submitted their applications for withdrawal of special allocation from 2020 budget surplus before the end of September (including those who are 65 years of age or older and not eligible for automatic payment, those who are under 65 but have been receiving disability pension from the FSS for more than one year, or those who are currently receiving special disability subsidy from the Social Welfare Bureau), the approved funds will be deposited in their designated bank accounts on 21st October.  Account owners who want to receive the relevant information via SMS can apply to the FSS.  According to the law, non-mandatory central provident fund system’s individual account owners can withdraw funds only once a year.

In addition, regarding the objection statement of the relevant funds, the FSS reminded that the time limit for the account owner’s right to obtain the payment is three years from 31st December of the year of fund allocation.  Therefore, the time limit for fund allocation of 2017 will expire on 31st December this year.  Account owners who assert their right to the funds of 2017 after the deadline will lose their right to the allocation of relevant funds.  

For more information about the individual accounts of the non-mandatory central provident fund system, please visit the website of the FSS at www.fss.gov.mo, call the 24-hour interactive voice response hotline at 2823 0230, or call 2853 2850 during office hours for enquiries.