by Claire Bott | Feb 20, 2018 | News
The Macao region of China will spend more than 1.2 billion euros this year on public subsidies, including their Wealth Partaking Scheme, which functions as a very low-level form of basic income.
As reported by the Xinhua News Agency, the official press agency of the People’s Republic of China, the Macao region will be spending over 12bn patacas (1.2 billion €), the local currency, on various forms of public subsidy.
This will include the Wealth Partaking Scheme, which offers 9000 patacas (900 €) per year to every permanent resident, and 5400 patacas (542 €) per year to every non-permanent resident.
Other Macao public subsidies include regular payments to elderly and disabled people.
More information at:
“Macao to spend 1.61 bln USD on public subsidies next year: chief executive“, XinhuaNET, 14th November 2017
by Furui Cheng | Aug 31, 2016 | News
In order to share the fruits of economic development with the general public, the government of the Macao Special Administrative Region (SAR) in China has given an annual state bonus to its all citizens since 2008. This so-called “Wealth Partaking Scheme (WPS)” is mainly funded by the revenue of local lottery industry. Permanent residents received 5,000 patacas [US $627(1)] in 2008. This amount has risen continually up to 9,000 patacas [US $1,128] in recent years. Non-permanent residents receive 60% of the amount received by permanent residents.
In addition to the WPS state bonus, the Macao SAR government has injected more capital into all qualified Provident Fund Individual Accounts since 2010. Provident fund individual accounts are provided to Macao SAR residents of the age of 18, and they used to receive the “incentive basic fund” and “special allocation from budget surplus”.
The incentive basic fund is a one-time monetary payment of 10,000 patacas [US $1,253]. All owners of provident fund individual accounts are entitled to this payment during the first calendar year after they have reached the age of 22, provided that they have been permanent residents of the Macao SAR during the preceding calendar year (and stayed in the region for at least 183 days out of the year).
The special allocation from budget surplus is an extra fund injected into the qualified accounts annually after the incentive basic fund. This extra fund was 6,000 patacas [US $752] in 2010, and now it is 7,000 patacas [US $877].
In 2016, Macao citizens’ average monthly income is 15,000 patacas (US $1,880) and the minimum wage is about 6,000 patacas per month. More than half of Macanese think the above two polices are the most important contributions of SAR’s administrative program.
Notes:
(1) – At August 2016 exchange rates.
More information at:
Governo da Região Administrativa Especial de Macau [Special Administrative Macao Regional Government], “Plano de Comparticipação Pecuniária no Desenvolvimento Económico do Ano 2016 [Wealth Partaking Scheme]”, 2016
Governo da Região Administrativa Especial de Macau [Special Administrative Macao Regional Government], “Fundo de Segurança Social [Social Security Fund]”, 2016
Karl Widerquist, “Macau: Government Distributes Temporary Basic Income”, Basic Income News, August 23rd, 2014
Karl Widerquist, “China: Macau residents to receive annual basic income”, Basic Income News, June 30th, 2015
Article reviewed by André Coelho and Kate McFarland.
