Government allows creation of new pension fund management company

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The government has authorised the creation of a pension fund management company named Sociedade Gestora de Fundos de Pensões Macau, S.A., according to a release in the Official Gazette.
According to the most recent data provided by the Monetary Authority of Macau (AMCM), as at the end of September 2016, a total of MOP16.5 billion (US$2.1 billion) was being managed by nine local private fund managers, while a total of 58 pension funds were registered in the city, of which 54 were open funds.
As of January 1 this year, the monthly contribution to the city’s Social Security Fund (FSS) paid by employers and employees, doubled from the previous MOP45 to MOP90, with employers paying MOP60 and employees paying MOP30.