GGRAsia – Sands China, Galaxy Ent sign up for Macau pension scheme

Sands China, Galaxy Ent sign up for Macau pension scheme

May 27, 2019 Newsdesk Latest News, Macau, Top of the deck

Two more Macau casino operators, Sands China Ltd and Galaxy Entertainment Group Ltd, say they will join in July the voluntary pension scheme run by the government of Macau.

The Non-Mandatory Central Provident Fund (CPF) is a scheme meant to give Macau residents an income in their old age, complementing other provisions of the social security system in the city.

In a written statement issued on Monday, Sands China said it would join the fund scheme on July 1. The company said it would give new staff from Macau the option of joining the scheme and existing staff members would have an option to transfer into the fund or remain in the company provident fund scheme.

The company statement said: “Sands China was the first integrated resort operator in Macau to offer a provident fund scheme for its team members, and the company’s introduction of the non-mandatory CPF option is part of its ongoing efforts to strengthen the company’s comprehensive benefits scheme.”

Sands China operates the Venetian Macao, Sands Macao, the Plaza Macao, Sands Cotai Central and the Parisian Macao, among other interests in the city.

On Sunday, Galaxy Entertainment issued a press release saying it would give Macau employees already enrolled in its own pension fund scheme the choice of joining the CPF scheme or staying in the company pension fund scheme.

The company said it would give Macau employees outside its own pension fund and Macau employees hired from July onwards the option of joining the government-run pension scheme.

The Galaxy Entertainment statement said: “Recognising the importance of making [an] informed choice, in anticipation of the introduction of the CPF scheme, Galaxy Entertainment invited the Social Security Fund of the Macau SAR government to host CPF seminars for team members in 2018 to enhance [each] team member’s understanding of the scheme.”

“Galaxy Entertainment will continue to host seminars to help team members better understand the details of this scheme and its financial implication,” added the company.

Among the other operators of casinos in Macau, Melco Resorts and Entertainment Ltd announced earlier this month that it would join the CPF scheme in July, and Wynn Macau Ltd said last month it would join the CPF scheme, also in July.

Two other casino operators in Macau, SJM Holdings Ltd and MGM China Holdings Ltd, are also joining the CPF scheme, in fulfilment of the conditions for the extension of their respective gaming concessions until June 26, 2022.