What does social security accumulation fund mean?

Housing accumulation fund refers to that the employer pays a part of the money in proportion to the employee's salary every month in order to ensure the employee's housing problem, and deposits it in the employee's independent account (an account dedicated to paying the accumulation fund). Employees also deduct the same amount from their wages and deposit it in this account.

First, the housing provident fund is useful:

1. Paying provident fund can increase personal income. Because the provident fund is the part paid by the individual, all the part paid by the unit is credited to the personal account and belongs to the personal property.

2. You can pay less personal income tax. Part of the income from paying the provident fund can be tax-free.

3. You can enjoy low-interest provident fund loans when buying a house.

Second, the housing provident fund extraction:

1. Housing consumption extraction:

(1) Purchase owner-occupied housing; Overhaul and transformation of self-owned housing; Self-built and self-owned housing;

(2) the rent exceeds the prescribed proportion of family wage income;

(three) to repay the principal and interest of housing loans.

2. Cancellation of account cancellation:

(1) retired;

(2) Having left the country to settle down;

(3) completely losing the ability to work and terminating the labor relationship with the unit (both conditions are indispensable);

(4) death. How to withdraw housing accumulation fund?