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Is the provident fund base different from the social security base?
Provident fund and social security are managed by different departments respectively. The provident fund is managed by the housing provident fund management center, and the social security is managed by the human resources and social security departments. When formulating policies and setting the payment base and proportion, the specific needs and actual conditions of their respective fields will be taken into account.
Provident funds are mainly used to support employees' housing consumption, including house purchase and mortgage repayment, and help employees solve housing problems. Social security covers employees' rights and interests in pension, medical care, unemployment, work injury and maternity, aiming at ensuring employees' basic living needs. Because of different needs, the base and payment ratio of provident fund and social security will be different.
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