The Provident Fund may sound a little complicated, but don't worry, I will help you step by step to understand this important housing security system. With me, can we see how the transfer of the Provident Fund is carried out, by one party alone or by both parties

What are the characteristics of a pension fund that is unilateral or bilateral

First, the bilateral Provident Fund refers to the total amount of the pool paid by individuals and units. So what "bilateral" means is that both individuals and units are involved in the collection. Each month, the unit and individual Provident Fund is transferred to the Provident Fund Management Centre and placed in the personal account. As for the ex parte Provident Fund, only unit deductions per month, or only by yourself。

But the Provident Fund is not just a simple deposit, it has several characteristics that you might want to understand. It is universal, which means that whatever the nature of the unit of work, whatever your family income, whether you have a house or not, you are required to pay the dues. It is also mandatory, which means that if the unit does not pay or does not set up a Provident Fund account, the Provident Fund Management Centre has the right to ask for a deadline and may impose penalties on the overdue unit, or even apply to the court for enforcement。

The Provident Fund is also of a welfare and repatriation nature. The unit must not only pay a certain amount for the employee, but the interest rate on the Provident Fund loan is usually lower than that on the commercial loan. When you retire, separate or for other reasons terminate the employment relationship with the unit, the amount of the Provident Fund will be returned to you in full。

It is hoped that, through the above introduction, you will have a clearer understanding of the Provident Fund. Thank you for your reading and for asking me any questions。