Provident fund is also called housing accumulation fund, it is the long-term housing storage fund that working unit pays for on-the-job worker.
There are many people in the recruitment information, see the company for employees to pay the provident fund information, perhaps many people do not know what the provident fund means, let’s go to understand it.
Housing accumulation fund includes five meanings:
(1) Housing provident fund is only established in cities and towns, but not in rural areas.
(2) only in-service workers to establish the housing provident fund system. Non-working urban residents and retired workers shall not implement the housing provident fund system.
(3) The housing provident fund consists of two parts, one part is deposited by the employee’s unit, and the other part is deposited by the individual employee. The part of the employee’s individual contribution shall be withheld by the unit and deposited into the personal account of the housing provident fund together with the contribution part of the unit.
(4) The long-term nature of housing provident fund payment. Once the housing provident fund system is established, employees must make deposits in accordance with the regulations without interruption during their employment period. Except for the retirement of employees or the occurrence of other circumstances stipulated in the Regulations on the Administration of Housing Provident Fund, it shall not be suspended or interrupted.
(5) The housing provident fund is the personal housing savings that the employees have stored in accordance with the regulations for the special purpose of housing consumption expenditure.
According to the law of our country, enterprises should deposit housing provident fund for their employees, without distinguishing between state-owned enterprises and private enterprises. The part of housing accumulation fund paid by enterprises and institutions does not belong to the attribute of total wages, but belongs to the expenditure of the nature of enterprise cost.
Every urban employee must pay the individual housing accumulation fund from the day he or she takes part in the work to the day he or she retires or terminates the labor relationship Staff and workers in the unit should also be in accordance with the provisions for staff subsidies paid Housing Provident Fund.
Every urban in-service employee, regardless of the nature of his/her work unit, family income, and whether he/she has housing, must pay the housing fund in accordance with the Regulations.
If the unit is not dealt with housing accumulation fund capture puts registration or not for this unit worker housing accumulation fund account set up, the management center of housing accumulation fund has the authority to order the deadline is dealt with, the period shall be, can be punished according to the relevant provisions of the regulations, and may apply to the people’s court for compulsory execution.