1. Employees' personal contributions shall be deducted from their wages. If the salary exceeds the personal income tax threshold, personal income tax shall be paid. If the salary is lower than the personal income tax threshold, no personal income tax will be paid.
2. The method for the unit to deposit the provident fund for employees is: the new unit shall register the housing provident fund deposit at the housing provident fund management center within 30 days from the date of establishment, and set up a housing provident fund account for its employees at the entrusted bank within 20 days from the date of registration with the audit documents of the housing provident fund management center.
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 to the entrusted bank for the establishment or transfer of employee housing provident fund accounts with the audit documents of the housing provident fund management center.
Information required for individuals and units to pay provident fund:
1. Application for registration of individual housing provident fund deposit.
2. Original and photocopy of identity documents.
3. The original and photocopy of the labor contract or others.
4. Recent one-inch bareheaded color photos.
5. Original and photocopy of the identity certificate of the authorized person provided by the unit.
The process of handing over the provident fund to individuals and units is:
1. The employee's unit shall establish a provident fund account and submit it to the local housing provident fund management center together with the relevant certificates of the unit.
2, the housing provident fund management center for individual housing provident fund deposit registration audit, to meet the conditions, grant registration, and issue a certificate of registration of housing provident fund deposit.
3, workers with housing provident fund deposit registration certificate to the entrusted bank for employee housing provident fund account establishment procedures.
4. Procedures for the unit to set up a housing provident fund account for new employees.
To sum up, provident fund is a housing savings and loan plan for employees, which can be used to buy a house, pay rent, decorate and pay medical expenses, and has many uses.
Legal basis:
The "Regulations" of People's Republic of China (PRC) city housing provident fund management third.
The housing accumulation fund paid by individual employees and the housing accumulation fund paid for employees by the unit where the employees work belong to individual employees.
Article 5
The housing accumulation fund shall be used for the purchase, construction, renovation and overhaul of owner-occupied housing by employees, and no unit or individual may use it for other purposes.