初探澳门中央公积金的政策特征与保障效果

A Study of Features and Protection Levels of the Central Provident Fund in Macao

澳门特区政府在2018年实施中央公积金制度,完成“三层式”的养老保障体系。本文旨在分析这制度的政策特征及推算它日后提供的保障水平。澳门央积金的特征包括非强制性质、“私营公积金”模式及政府承担重要的财政责任。这种制度为不同年龄、入息等背景的雇员提供不同水平的养老保障。无论从“退休金”数额或入息替代率来看,低收入至中等收入雇员从该制度中只能获得偏低水平的养老保障。在一些理想假设下,中高收入雇员则获得相对较充足的养老保障。因此,笔者提出三项政策建议。第一,提高雇主的供款比率至最高10%。第二,要求“退休基金管理实体”增设“被动型”退休基金。第三,增设公共信托人管理的退休基金。

The Government of Macao Special Administrative Region introduced the Plan of Central Provident Fund(CPF)in 2018.Since then,a three-pillar income protection system for senior people has been established in Macao.This article aims to identify the CPF s salient features and to evaluate the levels of financial protection that the program provides.The CPF is a non-mandatory program,which is designed on the basis of a private provident fund model.In addition,the government plays a significant role in the program s finances.It is found that the levels of financial protection vary greatly according to the background of employees such as ages and wage levels.However,employees with wages of low and middle levels are unlikely to receive satisfactory levels of protection from the program upon their retirement,in terms of the amount of monthly pension and pension replacement rate.The protection of high-middle income earners is probably adequate under certain favorable circumstances.There are three policy recommendations.First,the maximum contribution rate of employers is raised to 10%of basic wage.Second,the CPF approved trustees are required to offer“passive”retirement fund options for the program s participants.Third,the government sets up a public trustee investment fund according to the CPF Plan.