What does accumulation fund mean?

The meaning of accumulation fund collection is as follows:

Provident fund collection is the behavior that the unit entrusts the bank to automatically pay the provident fund to the provident fund center from the account designated by the unit every month. Units need to register with the housing provident fund management center within 30 days after their establishment, and set up housing provident fund accounts for employees in the bank within 20 days after registration with the audit documents. Whether the amount collected by the bank is the provident fund that should be paid in the current month, whether it is the cost of this month or the cost of next month depends on the accounting treatment method of the unit.

Management and use of provident fund;

1. Provident fund collection: refers to the collection of housing provident fund paid by units and individuals into a special provident fund management account;

2. Provident fund account management: establish a personal account for each employee who pays the provident fund, and record the deposit, withdrawal and interest accumulation of the provident fund;

3. Issuance of provident fund loans: eligible employees can apply for housing provident fund loans when purchasing, building, renovating or overhauling their own houses;

4. Withdrawal of provident fund: Employees who meet the requirements can apply for withdrawal of funds from the provident fund account;

5. Supervision and management of provident fund: ensure the safe and compliant use of provident fund and punish violations.

To sum up, the accumulation of provident fund refers to the behavior that the unit entrusts the bank to automatically pay the provident fund to the provident fund center every month, and the specific amount depends on the accounting treatment method of the unit.

Legal basis:

Regulations on the administration of housing provident fund

Article 13

The housing provident fund management center shall set up a housing provident fund account in the entrusted bank. The unit shall go to the housing provident fund management center for the registration of housing provident fund deposit, and after being audited by the housing provident fund management center, set up a housing provident fund account for its employees at the entrusted bank. Each employee can only have one housing provident fund account. The housing provident fund management center shall establish a detailed account of employee housing provident fund to record the deposit and withdrawal of employee individual housing provident fund.