The Finance Seminar Series [19] organized by the Faculty of Finance at Macau City University was held on March 14, 2024, at Ho Yin Convention Centre on Taipa Campus. Mr. Lenpad Shi, Training Manager (Sales) and Team Support Supervisor of China Life Insurance (Oversea) Company Limited was invited as guest speaker who shared insights on the topic “Looking at pension planning from Macao’s social security system”. Guests attending this seminar include Mr. Paul Chan, Head of Personal Agent Department, and Mr. Dino Kam, Senior Branch Manager of China Life Insurance (Oversea) Company Limited, Dean Adrian Cheung and Associate Dean Eva Khong of the Faculty of Finance, City University of Macau.

Mr. Lenpad Shi, Training Manager of the Personal Agent Department of China Life Insurance (Overseas) Co., Ltd. Macau Branch, has previously served as product instructor at China Telecom (Macau) Co., Ltd. and wealth manager at an insurance company in Macau. He has also achieved the Million Dollar Round Table (MDRT) qualification for several consecutive years. He graduated from Macau University of Science and Technology and holds a master’s degree in finance from City University of Macau. Mr. Shi expressed his gratitude for being invited back to his alma mater to share his experiences with his juniors.

China Life Insurance (Overseas) Company Limited ("China Life (Overseas) ") is the only overseas wholly-owned subsidiary of China Life Insurance (Group) Company, China’s largest state-owned financial insurance corporation. In 2022, China Life Insurance (Group) Company‘s consolidated revenues exceeded a trillion dollars, and consolidated assets surpassed RMB 6 trillion. For 21 consecutive years, China Life Insurance (Group) Company has joined the ranks of Fortune Global 500 companies, and ranked 54th in 2023. For 17 consecutive years, China Life Insurance (Group) Company has been named one of the World’s 500 Most Influential Brands, with brand value of RMB 485.567 billion. In 2016, China Life became the largest single shareholder of China Guangfa Bank, initiating a synergy layout among its insurance, investment, and banking businesses.

During the seminar, Mr. Shi elaborated on the importance of formulating personal retirement plans early and provided an in-depth explanation of Macau's retirement planning and social security system. He pointed out that due to the extension of average life expectancy, the increasing severity of the aging population, rising medical care costs, and the possibility that government and corporate pension plans may not meet future needs, individuals must confront these challenges and start planning for retirement early.

Mr. Shi first mentioned the challenge of population aging faced by Macau, which affects not only the labor market supply and demand but also puts pressure on individual retirement preparations. He then introduced the current legal provisions related to retirement in Macau, including policies such as old-age pension and subsidy for senior citizens.

Subsequently, Mr. Shi delved into Macau's social security system, particularly the role and coverage of the Social Security Fund. He emphasized the importance of the "Social Security and Old-Age Pension System Reform Programme," aiming at establishing a two-tier social security system to provide basic old-age protection and improve residents' life quality. Furthermore, Mr. Shi introduced the Non-Mandatory Central Provident Fund System, a non-mandatory retirement plan encouraging residents to save voluntarily, offering more options and flexibility for retirement funds. To address the impact of inflation, Mr. Shi also mentioned the Wealth Partaking Scheme of Macao.

Overall, the seminar covered multiple important aspects that Macau residents need to consider in retirement planning, including the Social Security Fund, old-age pension and subsidy for senior citizens, Non-Mandatory Central Provident Fund System, and the Wealth Partaking Scheme, highlighting the significance of early planning and understanding the social benefits provided by the government to ensure the quality of life in old age.

This finance seminar deepened the understanding of students and faculty at City University of Macau about the role of Macau's social security system in retirement planning, providing valuable information and guidance. The inspiring presentation by Mr. Lenpad Shi, Training Manager (Sales) and Team Support Supervisor of China Life Insurance (Oversea) Company Limited, sparked deep reflection among the students on retirement planning and the future development of social security, with many expressing that they had benefited a lot from Mr. Shi’s sharing. The Faculty of Finance at City University of Macau expressed heartfelt thanks to Mr. Shi. Faculty of Finance will continue to organize such events, aiming to promote academic exchange, enhance students' practical skills, and strengthen cooperation with the industry, contributing to the moderate diversification of Macau's economy and the development of financial services.