The Provident Fund is a social security system established by the State to help wage earners achieve housing, retirement, etc. However, many people are in dire need of money, so what should we do

I. Provident Fund withdrawals where eligible

In institutional terms, the Provident Fund may only be drawn upon if:

1. Having deposited more than one year

2. Purchase of a first suite or replacement

3. Construction, renovation of the home

To study abroad or to pursue a higher education

5. Rent relief and security of tenure

6. Purchase of affordable housing, housing security, etc.

7.60 Retirement over age。

If the above conditions are met, they can be extracted from the local housing fund management centre. The withdrawals are made in the form of the original mortgage, the former for which the portion of the loan is available after the purchase of the dwelling, and the latter for which the withdrawal is conditional on a Provident Fund loan。

II. NOTES

It is important to note that if the above conditions are not met, the Provident Fund cannot be drawn at will. Even if there is an urgent need for money, it will need to be withdrawn on an eligible basis. At the same time, the relevant policy provisions must be carefully read before extracting them, avoiding omissions or misunderstandings。

In addition, there are certain formalities and regulations for drawing on the Provident Fund. In general, documents such as household records, identity cards, certificates for the collection of public contributions, and personal income tax clearances are required, and local housing fund management centres are consulted。

III. Non-advocacy of the use of the Provident Fund

Although the Provident Fund is its own property, it does not mean that it can be withdrawn at will. The withdrawal of the Provident Fund will affect future housing, old-age schemes, etc., and even their credit records. Therefore, it is not recommended that the Provident Fund be drawn at will, and the relevant policy provisions should be adhered to as far as possible。