GGRAsia – Wynn group joins Macau govt’s pension scheme

Wynn group joins Macau govt’s pension scheme

Apr 30, 2019 Newsdesk Latest News, Macau, Top of the deck

Macau casino operator Wynn Macau Ltd announced on Monday it was joining a voluntary pension scheme for local employees implemented by the Macau government.

The latest rules on the Macau government’s non-mandatory provident fund scheme came into effect on January 1, 2018. According to the rules, employers and employees of participating companies should respectively contribute 5 percent of the basic monthly salary of the employee to the fund; both parties can also contribute to the fund at a higher rate as long as they notify the fund management entity.

According to Wynn Macau Ltd’s Monday announcement, existing local employees who are currently members of the firm’s separate provident fund scheme – launched in 2006 – will have the option to transfer to the new scheme or remain in the existing scheme, which will run in parallel.

From July 1, any new local staff employed by the Wynn group in Macau will be enrolled in the non-mandatory provident fund scheme, according to Monday’s announcement.

“The company cares for its team members and fully supports the Macau government’s new initiative to enhance social protection for local team members. This new central provided fund system will strengthen the social protection of Macau residents in their old age and complement the existing social security system,” Wynn Macau Ltd said.

The press release made no reference to the potential financial impact of the new scheme for Wynn Macau Ltd.

The Macau government has been urging local employers to participate in its voluntary pension scheme, including gaming companies.

One of the conditions set by the government for the extension of the gaming rights of Macau casino operators SJM Holdings Ltd and MGM China Holdings Ltd was that the two firms joined the government’s voluntary pension scheme for local employees.

The Macau government announced in March that SJM Holdings and MGM China had their concessions extended to June 26, 2022, a date aligned with the expiry dates of the other four gaming licences in the Macau market.