What does it mean to pay the social security accumulation fund in full?

The full provident fund shall be paid by the company or individual, as follows:

1. Many companies in the society will help their employees buy five insurances and one gold. Five insurances refer to employees' pension, medical care, unemployment, maternity and work injury, and one gold refers to housing accumulation fund;

2. Individuals pay the provident fund in full, generally for the consideration of buying a house with a loan. If there is a planned loan to buy a house, it is more cost-effective to use the provident fund, because the loan interest rate of the provident fund is lower than the commercial loan interest rate. Another problem is that if employees leave their original units and then find a new unit to work again, the new unit can re-pay the provident fund for employees.

Legal basis: Article 58 of People's Republic of China (PRC) Social Insurance Law.

The employing unit shall, within 30 days from the date of employment, apply to the social insurance agency for social insurance registration for its employees. If the social insurance has not been registered, the social insurance agency shall verify the social insurance premium it should pay.

Employees-free individual industrial and commercial households who voluntarily participate in social insurance, part-time employees who do not participate in social insurance in the employing unit and other flexible employees shall apply to the social insurance agency for social insurance registration.

The state establishes a national unified personal social security number. Personal social security number is a citizen's identity number.

Article 59

The people's governments at or above the county level shall strengthen the collection of social insurance premiums.

Social insurance premiums shall be uniformly collected, and the implementation steps and specific measures shall be stipulated by the State Council.