Social security fund contribution increases
On the first day of 2017, the city commenced the implementation of the new contribution amount for the social security fund, announced in late October last year. The contribution doubled from its previous MOP45 (US$6) to MOP90, of which employees are currently required to pay MOP30, while employers pay the remaining MOP60 under the compulsory system. Contributors under arbitrary systems are to pay the total amount of MOP90. The new contribution is to be paid quarterly, with contributors paying the previous quarter’s amount every January, April, July and October. The contributions for the fourth quarter of 2016 – from October to December – are required to be made in January of this year, while the amount for this year’s first quarter – January to March – will be expected to be made in April. The president of the Administrative Committee of the Social Security Fund, Iong Kong Io, revealed earlier last year that the rate of the city’s social security fund had remained unchanged since its establishment in 1998.