Provident fund is a long-term housing deposit paid by enterprises and their employees. The provident fund is opened by the employing unit according to the roster of employees, and the total amount of the provident fund that should be paid is paid to the designated bank of the provident fund center, which belongs to the individual employees.

legal ground

Article 15 of the Regulations on the Management of Housing Provident Fund

Units employing employees shall, within 30 days from the date of employment, go to the housing provident fund management center for deposit registration, and go to the entrusted bank for the establishment or transfer of employee housing provident fund accounts with the audit documents of the housing provident fund management center. Where the unit terminates the labor relationship with the employee, the unit shall, within 30 days from the date of termination of the labor relationship, go to the housing provident fund management center to register the change, and go to the entrusted bank to handle the transfer or sealing procedures of the employee housing provident fund account with the audit documents of the housing provident fund management center.