The government yesterday announced increases in all seven types of pensions and allowances paid out by the city’s social security system, including a 4.3-percent increase in the old-age pension to 3,900 patacas per month and a 20-percent increase in its birth allowance, a one-off payment, to 6,500 patacas.
Macau’s social security system is run by Social Security Fund (FSS).
The two types of pensions paid out by the fund comprise old-age pensions and disability pensions, while the five types of the fund’s allowances comprise unemployment, sickness, birth, marriage, and funeral allowances.
The increases in the seven types of pensions and allowances were announced in an executive order, signed by Chief Executive Sam Hou Fai on June 20, published in the Official Gazette (BO) yesterday.
According to the order, the increases take effect retroactively on January 1 this year.
The last time the government raised the amounts of the seven types of pensions and allowances was back in January 2020.
According to yesterday’s order, both the old-age pension and the disability pension have been increased to 3,900 patacas per month, up 4.3 percent from 3,740 patacas per month.
The old-age pension and disability pension are paid to the respective beneficiaries once every quarter, meaning that they receive a payment with an amount equivalent to three months of their pensions every time.
According to yesterday’s order, the unemployment allowance has risen to 157 patacas per day, a 4.7 percent increase from 150 patacas per day.
The sickness allowance has risen to 119 patacas per day for those whose treatment does not require hospitalisation, a 4.4 percent increase from 114 patacas per day, while the sickness allowance issued to those who have been hospitalised has been increased to 157 patacas per day, up 4.7 percent from 150 patacas per day.
According to yesterday’s order, the birth allowance has been increased to 6,500 patacas from 5,418 patacas, up 20 percent, while the marriage allowance has risen to 2,220 patacas from 2,122 patacas, a 4.6 percent increase. Both allowances are one-off payments.
The funeral allowance, also a one-off payment, has been increased to 2,870 patacas from 2,750 patacas, up 4.4 percent.
Consequently, except the increase in the birth allowance by one-fifth, the other six types of social security payments have been increased between 4.3 percent and 4.7 percent, respectively.
Macau’s social security system only covers local residents.
According to the law on the social security system, only those who have paid their contributions (dues) to the system for at least 60 months are eligible to receive their old-age pension.
Those who have paid their dues for 360 months (30 years) will receive the full amount of their old-age pension. Those who have paid their contributions for less than 360 months before retirement will receive a monthly pension with the amount calculated proportionately based on the number of months they have paid.
In general, those aged at least 65 are eligible to receive their old-age pension. However, those aged at least 60 can also apply to receive their pension, but they will receive a reduced monthly amount depending on at which age they choose to start receiving their pension.
A car is driven past the Social Security Fund’s (FSS) service centre on Rua de Eduardo Marques, located near São Lázaro Church, yesterday. – Photo: Tony Wong
