Macau implemented a new pension plan available for all employees across the city in January 2918. Dubbed the “Non-Mandatory Central Provident Fund System,” it was designed to provide a better retirement plan for workers, as it can capitalize on a larger pool of funds than is possible through individual company plans. As “non-mandatory” as it is, though, Macau has done a good job of convincing businesses that it would be a good idea to join and the casino industry is responding accordingly. The latest to jump on board are Sands China and Galaxy Entertainment.
Sands China announced via a written statement that it will join the plan as of July 1. New employees coming into the company will have the option of joining the program and existing workers can choose between the existing pension plan or switching to Macau’s solution. It explained, “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.”
Galaxy beat Sands to the punch by a day, making its announcement on Sunday. Current employees, just like what has been seen at other casinos, can either switch to the new program or keep going with Galaxy’s offering and any new employees after July 1 will have the option of joining the Macau plan. The company said in its announcement, “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.”
Wynn Macau was the first casino operator to join the plan when it announced its involvement at the beginning of this month. Melco wasn’t too far behind, acknowledging its participation just a few days later. MGM China and SJM Holdings were all too enthusiastic about joining. Of course, the fact that signing on was a condition of having their licenses extension could have had something to do with their enthusiasm.