Common use of Terms of Individual Provident Fund Scheme Clause in Contracts

Terms of Individual Provident Fund Scheme. 1. The Opening and Management of a Contribution Sub-account and a Preserved Sub-account (1) Before the payment of the initial contribution, the fund management entity shall open a contribution sub-account for the Participant for the purpose of recording the contribution of individual provident fund scheme. (2) In the cancellation of the contribution sub-account, the fund management entity shall open a preserved sub-account for the recording of balances transferred from cancelling from the contribution sub-account. (3) The Participant is the owner of the contribution sub-account and the preserved sub-account, i.e. the account owner. (4) In the following circumstances, the fund management entity has the right to cancel the sub-accounts: i. Upon the Participant’s notification of termination of his/her contribution, the fund management entity has the right to cancel his/her contribution sub-account. ii. If there are no balances in the preserved sub-account, the fund management entity has the right to cancel the sub-account. (5) Each fund management entity can only open one preserved sub-account for each Participant. (6) After five years from the date on which the Social Security Fund is aware of the Participant’s death, if the heir does not receive the final balance of the relevant personal account, the Social Security Fund must notify the fund management entity to cancel the Participant’s contribution sub-account and preserved sub-account. And the relevant money is transferred to the relevant government managed sub account. 2. Contribution Details (1) Contributions Effective Date: Contributions are effective from the month following the date when the Social Security Fund approved the Application, and the relevant amount of the previous month’s contribution must be paid before the last day of each month. (2) Contributions amount: MOP per month. (3) The contributions will be calculated in full months. The minimum monthly contribution shall be MOP 500.00. The amount of the contribution can also be increased at will, but it must be a multiple of MOP 100.00. The maximum monthly contribution is 10% of the amount calculated in accordance with Article 26(4) of Law No. 7/2017, and it is automatically adjusted as the amount of Article 3, paragraph 1 (c), of Law 7/2015 is changed. And if the maximum monthly contribution is not an integral multiple of 100 patacas, it must be rounded down to the nearest integral multiple of 100 patacas. 3. Payment Method Participants are required to complete the auto pay service at the bank designated by the fund management entity. The bank automatically deducts the payment before the last business day of the month. Note: If the contribution payment fails for three consecutive months, the fund management entity will suspend the auto pay service until the Participant re-submits the contribution application to the fund management entity. The contributions during the failed payment and suspension period will not be supplemented.. 4.

Terms of Individual Provident Fund Scheme. 1. The Opening and Management of a Contribution Sub-account and a Preserved Sub-account (1) Before the payment of the initial contribution, the fund management entity shall open a contribution sub-account for the Participant for the purpose of recording the contribution of individual provident fund scheme. (2) In the cancellation of the contribution sub-account, the fund management entity shall open a preserved sub-account for the recording of balances transferred from cancelling from the contribution sub-account. (3) The Participant is the owner of the contribution sub-account and the preserved sub-account, i.e. the account owner. (4) In the following circumstances, the fund management entity has the right to cancel the sub-accounts: i. Upon the Participant’s notification of termination of his/her contribution, the fund management entity has the right to cancel his/her contribution sub-account. ii. If there are no balances in the preserved sub-account, the fund management entity has the right to cancel the sub-account. (5) Each fund management entity can only open one preserved sub-account for each Participant. (6) After five years from the date on which the Social Security Fund is aware of the Participant’s death, if the heir does not receive the final balance of the relevant personal account, the Social Security Fund must notify the fund management entity to cancel the Participant’s contribution sub-account and preserved sub-account. And the relevant money is transferred to the relevant government managed sub account. 2. Contribution Details (1) Contributions Effective Date: Contributions are effective from the month following the date when the Social Security Fund approved the Application, and the relevant amount of the previous month’s contribution must be paid before the last day of each month. (2) Contributions amount: MOP per month. (3) The contributions will be calculated in full months. The minimum monthly contribution shall be MOP 500.00. The 500.00.The amount of the contribution can also be increased at will, but it must be a multiple of MOP 100.00100.00 and the limit is MOP 3,100.00. Note: The maximum monthly contribution of the individual provident fund scheme is 10% of the amount calculated in accordance with Article 26(4) of Law No. 7/2017, and it is automatically adjusted as the amount of Article 3, paragraph 1 (c), of Law 7/2015 is changed. And if the maximum monthly contribution is not an integral multiple of 100 patacas, it must be rounded down to the nearest integral multiple of 100 patacas. 3. Payment Method Participants are required to complete the auto pay service at the bank designated by the fund management entity. The bank automatically deducts the payment before the last business day of the month. Note: If the contribution payment fails for three consecutive months, the fund management entity will suspend the auto pay service until the Participant re-submits the contribution application to the fund management entity. The contributions during the failed payment and suspension period will not be supplemented.. 4.