Hello, I think you've heard of the Provident Fund, but how do you pay for it? Let's talk about it together. First of all, it should be clear that, as individuals, we are not free to pay the Provident Fund. Then who is responsible for this task? That's right. It's our work unit. They are required to register at the Provident Fund Management Centre and then, with the authorization of the Provident Fund Centre, to open the Fund for us, staff members, at the designated bank。

How does an individual pay for a public fund

So if I change my job, do I have to open another account? The answer is no, and everyone has only one Provident Fund account and, in case of a change of job, the head of the unit has to go to the Provident Fund Centre to open the account. But there's also a special case where if you're a self-employed person, you can pay your own contributions. But if you are an individual, microbusiness or other unemployed person, you cannot pay the Provident Fund on your own。

Okay, we know how the Provident Fund is paid, but what's in it for? Actually, there are a lot of benefits. First of all, the fact that the Provident Fund is tax-free has helped to increase our income. Second, the Provident Fund can help us to access low-interest, public-purchase loans, which are much lower than normal commercial loans. Finally, the Provident Fund can also be used as a one-off refund when we leave retirement to help us reduce our economic burden in old age. Of course, in the event of an emergency such as a major disease, a pool of funds can also be drawn to relieve economic stress。