Social security and provident fund can use the same company's public account

Social security and provident fund are two different social welfare systems with different governing bodies and regulations. Therefore, social security and provident fund usually cannot use the same company's public account.

Social security refers to the insurance premiums paid by employers and employees*** together on a pro rata basis to a social insurance fund in accordance with China's laws to ensure that employees are able to enjoy the appropriate benefits under certain circumstances, such as old age, illness, work-related injuries, maternity, unemployment, and so on. The social security contributions are usually credited to the social security personal account and the social security public **** fund account.

Provident fund is a housing fund contributed by employers and employees in a certain proportion to provide housing subsidies and loan concessions under certain circumstances such as home purchase, loans and retirement. CPF contributions are usually credited to the employee's personal CPF account.

Since social security and provident fund are different systems, there are strict regulations related to the flow and management of their funds. Therefore, it is generally not possible to use the same company's public account for both social security and provident fund. To make social security and provident fund contributions, employers and employees need to open separate accounts for social security and provident fund, and pay, manage and utilize the corresponding funds in accordance with the relevant regulations. If a company wants to open a public account to manage its social security and provident fund funds, it needs to do so in accordance with the law and regulations of the regulator.

Please note that specific regulations and policies may vary from country to country, region to region and industry to industry. You are advised to consult with your local social security and provident fund management organization to ensure compliance.