I. Provisions on Payment of Provident Fund

Provident fund is a social security system jointly paid by employers and employees, aiming at helping employees solve the housing problem. According to the relevant national and local regulations, employers and employees are required to pay the provident fund in a certain proportion, and the proportion and amount of payment are clearly defined.

Second, the provident fund account management

The provident fund account is managed by relevant departments, and individuals cannot operate the account by themselves. The payment, withdrawal and use of the provident fund need to be reviewed and approved by relevant departments to ensure that the use of the provident fund meets the requirements.

Third, the scope of use of provident fund

There are also restrictions on the use of provident fund, which is mainly used for housing-related expenses such as house purchase, mortgage repayment and rent payment. Individuals can't arbitrarily use the provident fund for other purposes, otherwise it will violate the relevant regulations.

To sum up:

Provident fund is a social security system paid by employers and employees according to a certain proportion, and individuals cannot recharge their provident fund accounts themselves. The payment, withdrawal and use of the provident fund must comply with relevant regulations to ensure the legality and standardization of the provident fund.

Legal basis:

Regulations on the administration of housing provident fund

Article 15 stipulates:

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 through the formalities for the establishment or transfer of employee housing provident fund accounts.

Units and employees who terminate the labor relationship shall, within 30 days from the date of termination of the labor relationship, go through the formalities of change registration at the housing provident fund management center, and go through the formalities of transferring or sealing the employee housing provident fund account.

Regulations on the administration of housing provident fund

Article 24 provides that:

In any of the following circumstances, employees may withdraw the storage balance in the employee housing provident fund account:

(a) the purchase, construction, renovation and overhaul of owner-occupied housing;

(2) retirement;

(three) completely lose the ability to work, and terminate the labor relationship with the unit;

(4) Having left the country to settle down;

(5) Repaying the principal and interest of the house purchase loan;

(six) the rent exceeds the prescribed proportion of family wage income.

In accordance with the provisions of items (2), (3) and (4) of the preceding paragraph, the employee housing provident fund account shall be cancelled at the same time.

If an employee dies or is declared dead, the employee's heirs and legatees may withdraw the storage balance in the employee's housing provident fund account; If there is no heir or legatee, the storage balance in the employee housing provident fund account shall be included in the value-added income of the housing provident fund.