Macao pension transfers to Guangdong accounts now operational

The first transfer of Macao's central provident fund to a Guangdong bank account was completed on Tuesday, following the launch of an upgraded pension transfer scheme at the Guangdong-Macao In-depth Cooperation Zone in Hengqin.

Combined with the launch of cross-border Macao disability benefit transfers in Hengqin on July 14, a one-stop direct transfer channel covering all categories of Macao's social security and livelihood funds is now fully operational, according to a statement from the Hengqin cooperation zone.

The scheme allows Macao residents living in Guangdong to register once and receive all eligible fund transfers automatically, free of charge, into their bank accounts on an ongoing basis, the statement said.

A Macao resident surnamed Xu, a native of Yangjiang, Guangdong province, had pursued traditional Chinese medicine research before returning home for retirement. He said the scheme had eliminated his biggest logistical burden. Previously, he had to travel to Macao to collect his pension and central provident fund payments in person. "I am not familiar with online procedures, and the constant trips consumed a great deal of my time and energy," he said.

Under the new arrangement, Xu needs only to complete a one-off account registration in Macao, after which payments are transferred automatically to his account at an Industrial and Commercial Bank of China branch in Guangdong. "No more traveling back and forth between the two regions," he said. "This is a tangible, visible dividend brought by the Guangdong-Hong Kong-Macao Greater Bay Area's development for us Macao residents living on the mainland."