政府拨159.1亿澳门元注资退休基金会：以2025年度预算结余八成应对未来五年89.86亿资金缺口
澳门——特区政府10月12日公布，按第13/2026号法律，透过行政长官批示，将2025年度中央预算执行结余的80%、约159.1亿澳门元拨予退休基金会。政府公报刊登有关批示，澳广视与澳门媒体同日报道。2025年度中央预算执行结余为198.9亿澳门元。
政府解释，特区对适用退休及抚恤制度的公务人员的退休金与抚恤金承担法定支付责任。有关制度未来五年的资金缺口预计达89.86亿澳门元，未来十年缺口将进一步扩大，亟需前瞻性配置财政资源。提前注资可扩大基金资产与投资规模，延长投资周期，透过长期投资与复利累积提升潜在收益与财政韧性，为制度建立更稳固的长远财政基础。
资金压力部分源于制度沿革：旧退休及抚恤制度于2007年1月1日公务人员公积金制度生效时停止接受新登记，随着旧制度成员陆续退休，供款人数减少而领取人数增加，加上预期寿命延长，制度自2015年起出现供款与福利开支缺口。据政府向立法会提供的数据，截至6月底，制度有6,465名在职成员、6,577宗正在支付的退休金及抚恤金，持有金融资产约207亿澳门元；即使计入现有支持，年度缺口预计由2027年的8.65亿澳门元增至2031年的27.73亿澳门元，其间将迎来退休高峰。此前支持措施包括2020年一次性拨款7亿澳门元，以及2021年起的额外收入拨款与津贴资助。
政府重申，订定结余拨款比例不会影响各项民生及社会福利措施的财政开支，亦不影响基本储备的法定拨款与历年财政储备；如不提前处理，将来反而可能因履行法定支付责任而影响福利投入。退休基金会将在专业投资顾问协助下审慎评估投资策略，在稳健原则下争取合理收益。政府将持续检视基金财政与投资状况，保障受益人合法权益。
来源：据澳门特区政府10月12日新闻稿（政府公报行政长官批示）及澳广视、澳门媒体报道整理。
Government Allocates MOP 15.91 Billion to Pension Fund: 80 Percent of 2025 Budget Surplus to Cover MOP 8.99 Billion Five-Year Gap
MACAO — The SAR Government announced on October 12 that, under Law No. 13/2026 and by order of the Chief Executive, 80 percent of the 2025 central budget execution surplus — about MOP 15.91 billion — will be allocated to the Pension Fund. The order was published in the Official Gazette, and TDM and Macao media reported the announcement the same day. The 2025 central budget execution surplus was MOP 19.89 billion.
The government explained that it bears a statutory obligation to pay the retirement and survivors' pensions of civil servants under the retirement and survivors' pension regime. The regime faces an estimated funding gap of MOP 8.986 billion over the next five years, widening further over the next decade, making forward-looking allocation of fiscal resources necessary. The early injection enlarges the Fund's asset and investment scale and lengthens its investment horizon, using long-term investment and compounding to improve potential returns and fiscal resilience and to put the regime on a firmer long-term footing.
The pressure has structural roots: the old pension regime closed to new members when the Civil Servants Provident Fund took effect on January 1, 2007. As its members retire, contributors shrink while payments grow, and longer life expectancy extends payment periods; a gap between contributions and benefit spending has existed since 2015. Data provided to legislators show that at the end of June the regime had 6,465 active members and 6,577 pensions in payment, and held about MOP 20.7 billion in financial assets. Even with existing support, the annual gap is projected to rise from MOP 865 million in 2027 to MOP 2.773 billion in 2031, as a retirement peak arrives. Earlier support included a one-off MOP 700 million allocation in 2020 and additional revenue allocations and subsidies from 2021.
The government reiterated that setting the allocation ratio will not affect spending on livelihood and social welfare measures, nor statutory allocations to the basic reserve and accumulated fiscal reserves; failing to act early could, by contrast, force statutory pension payments to crowd out welfare spending in future. The Pension Fund will review its investment strategy with professional advisers, seeking reasonable returns under a prudent approach. The government said it will keep monitoring the Fund's finances and investments to safeguard beneficiaries' lawful rights.
Sources: Compiled from the Macao SAR Government's October 12 press release (Chief Executive order published in the Official Gazette) and TDM and Macao media reporting.
图片来源：市政署大楼（原民政总署大楼），Kabacchi 摄，CC BY 2.0（Wikimedia Commons）
