Provident Fund Currently, most of the provident funds paid by employees are housing provident funds.

The 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 and their employees.

This 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 the housing provident fund system is not applicable to 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 individual employee. After the employee's personal deposit is withheld by the unit, it is paid together with the unit's deposit to the individual housing provident fund.

within the account.

(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 specifically for housing consumption expenditures. It has two characteristics: First, it is cumulative, that is, although the housing provident fund is a component of employee wages, it is not in the form of cash.

The housing provident fund shall be distributed and must be deposited into a special account opened by the Housing Provident Fund Management Center at the entrusted bank for special account management.

The second is specificity.

The housing provident fund is earmarked and can only be used to purchase, build or overhaul a self-occupied house or pay rent during the storage period.

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

Each employee should have only one provident fund account, so as to ensure the accuracy and completeness of the provident fund account.

When an employee's personal job changes, the housing provident fund account that the employee has opened and paid into needs to be transferred to the changed workplace.

Under normal circumstances, for the transfer of employee housing provident fund accounts, the employee shall provide the transferring unit with the housing provident fund account number of the transferring unit, and the transferring unit shall issue an "Employee Housing Provident Fund Transfer Notice" (in duplicate) and send it to the transferring unit's handler

bank.

When the transferred unit receives the "Transfer Notice" printed by the bank, the employee's provident fund account transfer procedures are completed.

If an employee fails to pay provident fund for a long time, the account may be transferred to the closed account management office of the provident fund management center.

In this case, the individual provides his or her personal provident fund account number to the transferred unit, and the transferred unit issues a "Employee Housing Provident Fund Transfer Notice" (in duplicate) and sends it to the transferring unit's handling bank. The transferred unit receives the "Employee Housing Provident Fund Transfer Notice" printed by the bank.

"Transfer Notice" completes the employee's provident fund account transfer procedures.

In case of special circumstances, individual employees can also directly go to the Sealed Account Management Office of the Municipal Provident Fund Management Center to handle the transfer procedures of their personal provident fund accounts with their personal ID cards and employment certificates.

Public Welfare Fund Public Welfare Fund refers to the expenditures accrued by enterprises specifically for employee welfare facilities, such as expenditures on the purchase and construction of employee dormitories, nurseries, hairdressers, etc.

The accrual ratio of the public welfare fund is 5%-10% after tax.