Weekly Morning Meeting Update - Housing Provident Fund

Every employee at Mildtrans has a housing provident fund, but not every employee knows the purpose of the fund. Today, we will provide our employees at Mildtrans with information about the relevant policies regarding the housing provident fund.

The "Housing Provident Fund Management Regulations" were established by the State Council to strengthen the management of the housing provident fund, protect the legitimate rights and interests of fund owners, promote urban housing construction, and improve the living standards of urban residents. These regulations apply to the housing provident fund within the territory of the People's Republic of China.

Currently, the contribution ratio for the housing provident fund is as follows:

Company deposit ratio: The lower limit for the employer and employees' contribution ratio is 5%, and the upper limit is 12%.

Contribution ratio for flexible employees: Flexible employees can adjust the contribution ratio of the housing provident fund according to a voluntary contribution agreement. The adjusted contribution ratio should not be lower than 10% and should not exceed 24%.

Each employee can only have one housing provident fund account. The personal contribution to the housing provident fund by the employee is deducted and paid by the employer from their monthly salary.

Of course, employees can withdraw the balance from their housing provident fund account in certain situations, such as for home purchase, loan repayment, and other housing-related expenses.

For further information, please consult the Housing Provident Fund Management Center.