Wynn Macau Ltd., an arm of Wynn Resorts, has decided to join a voluntary pension plan established by the Macau government for local employees. The plan is not mandatory for any business, but is recommended as a way to provide a nest egg for the future. Current Wynn employees can either continue contributing to the company’s existing plan or switch their assets to the new one, while all new employees after July 1 will be enrolled in the new government plan.
The government’s pension plan was launched on January 1, 2018. It suggested a 5% contribution of basic salary from both employees and employers with the possibility of greater contributions if desired. In the case of Wynn, the fund runs parallel to the casino company’s own pension program, which will not be dismantled in the foreseeable future.
According to a statement by Wynn Macau from Monday, “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.”
Macau’s government has been trying to convince more companies to join the plan, in some cases using bartering techniques to get its way. In extending the concessions of SJM Holdings Ltd. and MGM China to operate in the city, participation in the fund was one of the conditions. The plan must have worked, because both companies have had their concessions extended to June 2022 when the other operators in the city will see their licenses expire.
The statement adds, “Wynn Macau … will officially launch the non-mandatory Central Provident Fund (CPF) scheme, offering team members a new way to plan for their future in retirement. From July 1, any new local team members who join Wynn Macau, Wynn Palace, or Wynn Design and Development (WDD) Asia will enroll in the new CPF… 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 CPF system will strengthen the social protection of Macau residents in their old age and complement the existing Social Security System.”