Manulife Central Provident Fund (CPF)
The average life expectancy of Macau residents reaches 83.1 years, ranking among the highest in the world¹. With increasing life expectancy, rising living costs and potential medical expenses, achieving your retirement goals is challenging. As the No. 1 MPF service provider2 in Hong Kong, Manulife brings its expertise, experience, and comprehensive fund platform to the Macau CPF market to help you better plan for retirement.
What is Central Provident Fund (CPF)?
The Non-Mandatory Central Provident Fund (CPF), effective from January 1, 2018, aims to enhance the retirement protection of Macau residents and supplement the existing social security system. Macau resident aged 18 or above, or under 18 but already registered in the social security system, are eligible to own a CPF personal account.
The Central Provident Fund consists of the Contributory system and Allocation system. Under normal circumstances, account owners who are over 65 years old can apply to withdraw funds from their Non-Mandatory Central Provident Fund’s individual accounts. |
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| Allocation system | Automatically established and managed by the Social Security Fund | The incentive basic funds and special allocation from budget surplus made to eligible Macao residents by the SAR Government, subject to budget execution for the past fiscal years |
| Contributory system | Managed by a qualified fund management entity (e.g., Manulife Macau) | There are two types of schemes: Joint Provident Fund Scheme: Voluntarily established by the employer, with voluntary participation by employees. Both the employer and employee choose suitable funds and allocation strategies for their respective contributions. Each party must contribute at least 5% of the employee’s basic salary on a monthly basis. Individual Provident Fund Scheme: Voluntarily established and participated in by the individual account holder of CPF. The minimum monthly contribution is MOP 500, and the maximum is MOP 3,600. Contribution increases must be in increments of MOP 100. |
How CPF works?
Manulife CPF Individual Scheme
- Generally, Macau residents aged 18 or above, or those under 18 but registered with the social security system, can voluntarily participate in the CPF Individual Scheme.
- If you have participated in the joint provident fund scheme, you can also participate in the individual provident fund scheme at the same time.
- The minimum monthly contribution amount for the Individual Provident Fund scheme is MOP$500. You can also increase the contribution amount as needed, but it must be in units of 100, and the upper limit is MOP$3,600.
- You can flexibly transfer the balance of the government-managed sub-account to the preserved sub-account.
Manulife CPF Joint Scheme
Set up and participation
- Voluntarily established by the employer, with voluntary participation by employees.
- Employees must be Macau residents aged 18 or above, or those under 18 but registered with the social security system.
- Employees who have participated in the Joint Provident Fund Scheme can also participate in the Individual Provident Fund Scheme at the same time. Staff members of public sector can only participate in Individual Provident Fund Scheme.
Contributions
- Employer and employee must contribute at least 5% of the employee’s basic salary on a monthly basis.
- With effect from 1 January 2026, the upper limit is MOP $36,400, and the employer and employee can be exempted from paying the contributions for the excess amount.
- With effect from 1 January 2026, the lower limit is MOP $7,664. If the employee’s basic salary is less than that, the employee can be exempted from paying the contributions, but the employer is still required to make contributions.
- Employer’s contributions cannot be used to offset the dismissal compensation.
Vesting percentage
- Upon termination of a labour relationship, employee shall receive the employer’s contribution balance based on the employee’s contribution time and vesting percentage shown below.
| Contribution time | Vesting percentage |
Less than 3 years |
0% |
3 years to less than 4 years |
30% |
4 years to less than 5 years |
40% |
5 years to less than 6 years |
50% |
6 years to less than 7 years |
60% |
7 years to less than 8 years |
70% |
8 years to less than 9 years |
80% |
9 years to less than 10 years |
90% |
10 years or more |
100% |
- The employer may set more favourable terms for his/her employees.
Investment allocation of contributions
- The fund management entity is chosen by the employer. Both the employer and employee choose suitable pension fund(s) and investment allocation for their respective contributions, but the investment allocation percentage shall be at least 5% or an integral multiple thereof.
- When an employee’s contribution time fulfills the requirement to obtain all the employer’s contribution benefits, the employee shall have the right to make investment allocation for the employer’s contributions. The employer, from the date of setting up the Joint Provident Fund Scheme, may also transfer the investment right of contributions to the relevant employee from the date of establishing the Joint Provident Fund Scheme.
Tax concessions
- Employers’ contributions to the Joint Provident Fund are considered as operating costs or the burdens of engaging in business, which are to be deducted from the employer’s taxable profits.
Interface between Joint Provident Fund Scheme and Private Pension Plan
Employees who have already participated in a private pension plan before their employer joins the Joint Provident Fund Scheme:
- Within 3 months from the next month of receiving employer’s notice regarding joining the Joint Provident Fund Scheme, employees may choose to participate in the Joint Provident Fund Scheme or stay in the existing Private Pension Plan.
Employees who have not participated in the Private Pension Plan / employees who start employment only after his/her employer has participated in the Joint Provident Fund Scheme:
- They can only join the Joint Provident Fund Scheme
Why Manulife CPF?
Most Selected
Reliable
- Hong Kong’s No.1 MPF Service Provider²
- Winner of People’s Choice³ award
- Winner of Best Employer Experience⁴ award
Most Choices
Most Fund Choices in the market
- Most fund choices (up to 10 funds available)
- Diversified fund selection for various investor profiles
- Two exclusive funds in the market (Healthcare Fund & Technology Fund)
- Market-exclusive guaranteed fund available
More Experience
Extending 90 years of HK Pension Management expertise to Macau
- Nearly 90 years of pension management experience in Hong Kong
- Professional financial advisory teams
- Provides customers with up-to-date market insights and personalised support
- Dedicated online platforms for both employers and employees
- Liaison office of the Central People’s Government in the Macao S.A.R. (2023) : www.zlb.gov.cn/20241221/4cbd50a2c8bb4410b75ad5d4f3943d59/c.html
- As of 31 December 2025, Manulife (International) Limited was the No.1 MPF service provider in Hong Kong in terms of market share of total MPF assets by MPF scheme provider. Source: “Mercer MPF Market Shares Report” as of 31 December 2025, by Mercer (Hong Kong) Limited.
- Source: MPF Ratings. For details, please visit https://www.mpfratings.com.hk/en/ratings-and-awards/. Manulife (International) Limited won “People’s Choice” in 2025.
- Source: MPF Ratings. For details, please visit https://www.mpfratings.com.hk/en/ratings-and-awards/. Manulife (International) Limited won “Best Employer Experience” in 2025
Remarks
Investment involves risks. This webpage is provided for reference only and is intended to provide an overview of the Manulife Central Provident Fund, which is available only in the Macau Special Administrative Region and not available to Hong Kong investors and not authorized by The Securities and Futures Commission in Hong Kong. Please refer to the Management Regulation and Service Agreement for the scheme rules, investment policies of the funds, fees and charges, etc.
If you are in doubt about the meaning and/or effect of the contents of this webpage, you should seek independent professional advice.
Product Brochure
Macau Monthly Summary
Quarterly Fund Fact Sheet
Useful Tools
Online Services Centre by iFast
You may access the iFast ePension portal to manage your Manulife Central Provident Fund
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