FSS: Gov’t to hike Social Security Fund contribution this year

The President of the Administrative Committee of the Social Security Fund (FSS), Iong Kong Io, said the government would make the decision to increase the contribution paid by employers and employees to MOP90 (US$11.3) from the current MOP45 this year, even if the two parties do not agree on the contribution ratio. The FSS head told reporters on Saturday that employees insist that the contribution ratio remain 2:1 – with employers paying MOP60 while employees pay MOP30 – following the increase despite employers agreeing to contribute MOP52.5 of MOP90. Nevertheless, Mr. Iong believes that the two parties may still possibly reach consensus on the ratio.