The government will expand the organisational structure of the Social Security Fund (FSS) as the Law on the Non-Mandatory Central Provident Fund System will come into force on January 1, Executive Council spokesman Leong Heng Teng announced on Thursday.
During a special press conference at Government Headquarters, Leong announced that the council, the government’s top advisory body, has completed its discussion on the draft of the by-law (administrative regulation) on the fund’s organisational structure and operation.
Decree Law 59/93/M regulating the FSS’s organisational structure and operation came into force in 1994.
Currently, there is only one department in the Social Security Fund – the Social Security Department. According to the draft of the by-law, one additional department will be set up – the Central Provident Fund System Department.
The current decree law states that the FSS’s Administrative Committee consists of five to seven members, including a president and a vice-president.
According to the draft of the by-law, one of the existing committee members will be appointed vice-president which will raise the number of vice-presidents to two.
Currently, there are four divisions in the Social Security Fund. The draft of the by-law states that four additional divisions will be set up.
Leong said that the changes to the fund’s organisational structure are aimed at enhancing the efficiency of the operation of the fund as well as at enabling a more effective use of resources.
FSS President Iong Kong Io said during yesterday’s press conference that the fund had assets of 15.9 billion patacas in 2012, while its assets had reached 85.1 billion patacas at the end of last year.
According to Leong, there are some 110,000 beneficiaries of the fund – elderly pensions and a raft of subsidies.
Also according to Leong, about 350,000 residents are contributing monthly dues to the fund.