The Social Security Fund (FSS) said that there will be an adjustment to the amount of monthly old-age pension in April for those who are still paying contributions to the Social Security System (the “New beneficiaries”). The new amount is calculated by multiplying the maximum amount of old-age pension by the number of actual contribution months (accumulated as at 31 December of the preceding calendar year), which is then divided by 360 periods. The adjusted pension will be credited to the bank accounts indicated by the beneficiaries today (16 April).
In accordance with the provisions of Law No. 4/2010 “Social Security System”, those who become beneficiaries of the Social Security System after the new law comes into effect and who have immediately applied for old-age pension after making retrospective contribution payment, if choose to continue paying contributions, the FSS will adjust their monthly old-age pension amount in April each year according to their latest number of contribution months, using the following formula.
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The old-age pension amount actually received by the beneficiary |
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Maximum amount of old-age pension (currently at 2,000 patacas) x Number of actual contribution months |
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360 |
Example: An old-age pension beneficiary, who is now receiving a monthly pension of 1,000 patacas after he made a retrospective contribution of 180 months, started his contribution payment from January to December last year. The number of actual contribution months thus accumulated is 192 months. When the old-age pension of the current period is paid in April, the amount of monthly old-age pension will be adjusted from 1,000 patacas to 1,067 patacas. On the other hand, a beneficiary, who is now also receiving a monthly pension of 1,000 patacas after he made a retrospective contribution of 180 months, joined the new system in September last year. Until December, he has only paid contributions for 4 months and the accumulated number of actual contribution months is 184 months. Therefore, he will receive a monthly pension of 1,023 patacas after the adjustment.
There are currently 12,423 beneficiaries whose old-age pension are calculated according to the new system, of which more than 10,000 beneficiaries still continue to make obligatory system or arbitrary system contributions, and the adjusted pension payment (which is the payment for April to June) will be credited today to the accounts indicated by the beneficiaries via bank transfer.
For enquiries, please call 2853 2850 or visit the FSS website at www.fss.gov.mo.