Does the provident fund follow the social security?

Provident funds do not necessarily follow social security. The five insurances and one gold paid by the company for employees include two parts, one is social security, but the other is provident fund. Whether the provident fund should follow the social security depends on local policies. In most cities, social security is compulsory, and the provident fund is paid selectively according to the company's situation. However, as long as both are paid at the same time, the payment base should be the same.

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. Where a unit terminates the labor relationship with its employees, it shall, within 30 days from the date of termination of the labor relationship, go to the housing provident fund management center for change registration, and go through the formalities of transferring or sealing the employee housing provident fund account. The monthly deposit amount of employee housing provident fund is the average monthly salary of employees in the previous year multiplied by the deposit ratio of employee housing provident fund.

The monthly deposit amount of housing provident fund paid by the unit for employees is the average monthly salary of employees in the previous year multiplied by the proportion of housing provident fund paid by the unit.

Legal basis: Article 14 of the Regulations on the Administration of Housing Provident Fund.

The newly established unit shall, within 30 days from the date of establishment, go to the housing provident fund management center for registration of housing provident fund deposit, and within 20 days from the date of registration, go through the formalities for the establishment of housing provident fund accounts for its employees.

Where a unit is merged, divided, revoked, dissolved or bankrupt, the original unit or liquidation organization shall, within 30 days from the date of the above-mentioned situation, go to the housing provident fund management center to handle the change or cancellation of registration, and handle the transfer or seal-up procedures for the employees of the unit within 20 days from the date of completing the change or cancellation of registration.