According to the Regulations on the Management of Housing Provident Fund, the housing provident fund paid by individual employees shall be withheld and remitted from their wages by their units every month. The unit shall remit the housing provident fund paid by the unit and remitted for the employees to the housing provident fund account within 5 days from the date of monthly payment of employees' wages, and the entrusted bank shall include it in the employee housing provident fund account.
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Relevant regulations:
On March 24th, 2002, the State Council promulgated the revised Regulations on the Management of Housing Provident Fund (the State Council Order No.262), which made relevant provisions on the scope of application, institutions and their responsibilities, deposit, withdrawal, use, supervision and punishment.
On May 13, 2002, the State Council issued the Notice on Further Strengthening the Management of Housing Provident Fund (Guo Fa [1998] No.23), which further explained and supplemented the management regulations, and requested the Ministry of Construction to supervise and inspect the implementation of the Regulations on the Management of Housing Provident Fund and this notice together with relevant departments, and report to the State Council.
20101.2 People's Republic of China (PRC), the Ministry of Housing and Urban-Rural Development, the Ministry of Finance and other departments issued the Notice on Standardizing the Individual Housing Loan Policy of Housing Provident Fund, which made more explanations and norms on the issuance and collection of housing provident fund.
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