The Social Security Fund will transfer funds tomorrow (27th November) to 39,512 applicants of the second phase, aged between 65 and 74, for withdrawal of funds from their non-mandatory central provident fund system’s individual accounts, and the FSS has also begun to notify them by mail or by mobile text messages (SMS).  The funds will be deposited into the bank accounts used by the applicants for receiving their old-age pension, disability pension, subsidy for senior citizens or special disability subsidy.  If the applicant is not a beneficiary of the above benefits or subsidies, the funds will be deposited into his or her designated bank account.  According to the law, account owners can withdraw funds, only once a year, from their non-mandatory central provident fund system’s individual accounts. 

In addition, the FSS reminds that according to the relevant laws and regulations, the time limit for an account owner to obtain the funds is three years from 31st December of the year of fund allocation.  Therefore, the time limit for fund allocation of 2016 will expire on 31st December this year.  Account owners who assert their right to the funds of 2016 after the deadline will lose their right to the allocation of related 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.