Operator of Asian casinos Melco Resorts and Entertainment Ltd says it is joining the voluntary, government-run pension scheme in Macau. In a written announcement issued on Wednesday, the company said it would join the Macau Non-mandatory Central Provident Fund System in July.
This will give Macau people that Melco Resorts employs from July 1 onwards the option to enrol in the scheme. Before July 1, local employees – that have already signed up for one of the company pension fund plans – will have a choice between transferring to the government-run pension scheme or sticking with their company pension fund plan.
The Macau Non-Mandatory Central Provident Fund System is meant to give Macau people an income in their old age, complementing other provisions of the social security system.
“Our colleagues are integral to the company’s achievements, and we are pleased to support the Macau SAR Government’s Non-Mandatory Central Provident Fund for our Macau resident employees,” said Melco Resorts chairman and chief executive Lawrence Ho Yau Lung.
Melco Resorts said it will tell its employees what they need to know to make an informed choice. In Macau, the company operates Altira Macau (pictured), Studio City and City of Dreams, as well as the Mocha Club electronic gaming machine venues.
The Macau government has been urging employers in the city to join the state pension scheme.
Employees of companies that belong to the Macau Non-mandatory Central Provident Fund System must pay at least 5 percent of their basic salaries into the fund each month, and their employers must pay in matching sums.
In April, Macau casino operator Wynn Macau Ltd announced that it was joining the government-run pension scheme on July 1.
Macau casino operators SJM Holdings Ltd and MGM China Holdings Ltd are also joining the government’s voluntary pension scheme for local employees, as part of the conditions for the extension of their respective gaming rights to June 26, 2022.
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”I would expect that there might be some clearly-defined criteria … and I’m supportive of a more clearly-defined roadmap for the [gaming] industry”
Co-chairperson and executive director of Macau casino operator MGM China