The Social Security Fund is proposing to sharply increase the compulsory monthly contributions employees and employers make to the fund. The proposal would see MOP60 (US$7.5) paid by employers and MOP40 by workers. Employers are currently required to pay MOP30, while employees only need to pay MOP15. Speaking to reporters yesterday, fund president Ip Peng Kin said the government’s goal is that both employers and employees make similar monthly contributions to the fund in four years’ time. By then, he forecasts that together, their contribution will amount to MOP270 a month, with adjustments made for inflation. The fund is currently overly reliant on government support. The government plans to inject MOP37 billion into the Social Security Fund over the next four years.
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