The housing provident fund was implemented on April 3, 1999.

Housing provident fund refers to the long-term housing savings deposited by state agencies, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions, private non-enterprise units, social groups and their employees.

The definition of housing provident fund includes the following five aspects: 1. Housing provident fund is only established in cities and towns, and no housing provident fund system is established in rural areas.

2. The housing provident fund system is established only for current employees.

The housing provident fund system is not applicable to unemployed urban residents and retired employees.

3. The housing provident fund consists of two parts, one part is paid by the employee's unit, and the other part is paid by the employee personally.

After the employee's personal contribution is withheld by the unit, it is deposited into the housing provident fund's personal account together with the unit's contribution.

4. The long-term nature of housing provident fund deposits.

Once the housing provident fund system is established, employees must make uninterrupted contributions in accordance with the regulations while on the job. Except for the employee's retirement or other circumstances stipulated in the "Housing Provident Fund Management Regulations", it shall not be suspended or interrupted.

It reflects the stability, uniformity, standardization and mandatory nature of the housing provident fund.

5. The housing provident fund is a personal housing savings deposited by employees in accordance with regulations and used exclusively for housing consumption expenditures. It has two characteristics: accumulation, that is, the housing provident fund is not a component of employee wages, is not paid in cash, and must be deposited.

The housing provident fund management center implements special account management in the special account opened by the entrusted bank.

Special purpose: The housing provident fund is earmarked for special purposes. During the storage period, it can only be used to purchase, build, or overhaul self-occupied housing or pay rent according to regulations.

Employees can withdraw the housing provident fund from their accounts only when they resign, retire, die, completely lose their ability to work, terminate the labor relationship with the employer, or move out of their original city of residence.

Article 11 of the "Housing Provident Fund Management Regulations" The Housing Provident Fund Management Center performs the following responsibilities: (1) Prepare and implement the collection and use plan of the Housing Provident Fund; (2) Responsible for recording the payment, withdrawal, and use of the Employees' Housing Provident Fund

; (3) Responsible for the accounting of housing provident funds; (4) Examining and approving the withdrawal and use of housing provident funds; (5) Responsible for the preservation and return of housing provident funds; (6) Preparing reports on the implementation of housing provident fund collection and use plans; (7)

) Undertake other matters decided by the Housing Provident Fund Management Committee.