But not all of them will pay the provident fund at the same time. Because the basis for paying the provident fund is wages, it is impossible for a person to pay wages in two units at the same time. After the employee is transferred from the original unit, the original unit stops paying wages and the provident fund account is sealed. After the employee changes jobs to a new unit, the new unit will open a new provident fund account.
2. Personal housing provident fund account is an account specially set up for personal housing provident fund savings in China. This account is a special account, which can only be used for individual housing provident fund deposit, special account storage, unified management and special fund use.
The source of funds in this account is the sum of housing provident fund paid by individual employees, which is withheld by the employee's unit and paid by the employee. The deposit in this account bears interest at the statutory half-year fixed deposit rate.
Housing provident fund deposits are settled on June 30th every year according to the bank listing interest rate 1 in July last year, and will be automatically transferred from the settlement date. The principal and interest income of this account are exempt from personal income tax.