Central savings system posts low return

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The return rate for the first year of operations of the central savings systems stood at 0.1165 percent, the Social Security Fund announced. The rate was calculated for the period between August 2010 and August 2011 and was set according to the savings bank deposit interest rate. The non-mandatory central savings system is the cornerstone of Macau’s recently revamped retirement system. The scheme is designed to give retirement benefits to people whose companies don’t offer a private retirement scheme.