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Laws & Regulations
Regulations on Management of Housing Provident Fund
2002-03-24

Regulations on Management of Housing Provident Fund

Decision of the State Council on Amending the Regulations on Management of Housing Provident Fund

Promulgated by Decree No. 350 of the State Council of the People's Republic of China on March 24, 2002, and effective as of the date of its promulgation

  The State Council decides to make the following amendments to the Regulations on Management of Housing Provident Fund:

  1. Paragraph 2 of Article 1 is amended to read as follows: "The term 'housing provident fund' as used in these Regulations refers to long-term housing savings paid and deposited by State organs, State-owned enterprises, collective enterprises in cities and towns, foreign-invested enterprises, private enterprises in cities and towns and other enterprises in cities and towns, institutions, private non-enterprise units and associations (hereinafter collectively referred to as 'units'), and by their on-the-job staff and workers."

  2. Paragraph 2 of Article 7 is amended to read as follows: "The competent administrative departments of construction of the people's governments of provinces and autonomous regions shall, jointly with the finance departments at the same level and the branches of the People's Bank of China, be responsible for supervising the implementation of the management regulations and policies of housing provident fund within their administrative areas."

  3. Article 8 is amended to read as follows: "Municipalities directly under the Central Government, cities where the people's governments of provinces or autonomous regions are situated and other cities divided into districts (prefectures, autonomous prefectures and leagues) shall establish housing provident fund management committees to serve as the policy-making organs for the management of housing provident fund. Of the members of a housing provident fund management committee, one third shall be responsible persons from the people's governments, the departments of finance, construction, people's bank and other relevant departments, as well as experts; one third representatives of trade unions and workers; and one third representatives of units." "The chairman of a housing provident fund management committee shall be held by a person with high social prestige." Correspondingly, "housing committee" in Articles 4,9,11,18,20,28,31 and 32 shall be amended to read as "housing provident fund management committee".

  4. One item is added to Article 9 as Item 5: "(5) deliberating the distribution plan of the appreciated proceeds of housing provident fund;" The original Item 5 of Article 9 is changed to be Item 6.

  5. Article 10 is amended to read as follows: "Each municipality directly under the Central Government, the city where the people's government of a province or an autonomous region is situated and any other city divided into districts (prefecture, autonomous prefecture or league) shall, in accordance with the principle of simplification and efficiency, establish its own housing provident fund management center responsible for the operation and management of housing provident fund. Counties (cities) shall not establish housing provident fund management centers." "Housing provident fund management centers provided for in the preceding paragraph may set up their branches in cities where conditions permit. Housing provident fund management centers and their branches shall implement unified rules and systems and practise unified accounting." "Housing provident fund management centers are independent nonprofit institutions directly subordinate to the people's governments of cities."

  6. Paragraph 1 of Article 12 is amended to read as follows: "A housing provident fund management committee shall, in accordance with the relevant provisions of the People's Bank of China, designate a commissioned commercial bank (hereinafter referred to as a commissioned bank) to handle the financial business relating to housing provident fund. The housing provident fund management center shall authorize the commissioned bank to handle such financial business as housing provident fund loans and settlement, and to go through the formalities of account-opening, payment and deposit, or return of housing provident fund."

  7. Item 4, Paragraph 1 of Article 24 is amended to read as follows: "(4) settling abroad."

  8. One article is added as Article 39: "Where, in violation of the provisions of these Regulations, a housing provident fund management committee examines and approves the use plan of housing provident fund, it shall be ordered to make corrections within a prescribed time limit by the competent administrative department of construction of the State Council jointly with the finance department of the State Council, or the competent administrative department of construction of the people's government of the province or autonomous region jointly with the finance department at the same level according to their administrative functions and powers."

  9. One article is added as Article 40: "Where, in violation of the provisions of these Regulations, a housing provident fund management center commits one of the following acts, it shall be ordered to make corrections within a prescribed time limit by the competent administrative department of construction of the State Council or the competent administrative department of construction of the people's government of the province or autonomous region in accordance with their administrative functions and powers; and administrative sanctions shall be imposed in accordance with law upon the persons in charge bearing responsibility and other directly responsible persons:

  (1) failing to open a special housing provident fund account in accordance with provisions;

  (2) failing to examine or approve staff and workers' withdrawal or use of housing provident fund in accordance with provisions;

  (3) failing to use the appreciated proceeds of housing provident fund in accordance with provisions;

  (4) authorizing another organization other than the commissioned bank designated by the housing provident fund management committee to handle the financial business relating to housing provident fund;

  (5) failing to set up itemized accounts of housing provident fund for staff and workers;

  (6) failing to issue a valid receipt for staff and workers who have paid and deposited housing provident fund; or

  (7) failing to use housing provident fund to purchase treasury bonds in accordance with provisions."

  10. The original Article 39 is changed to be Article 41 and amended to read as follows: "Where, in violation of the provisions of these Regulations, the housing provident fund is misappropriated, the misappropriated housing provident fund shall be recovered and the illegal income shall be confiscated by the competent administrative department of construction of the State Council or the competent administrative department of construction of the people's government of the province or autonomous region according to their administrative functions and powers; responsible persons of the people's governments, departments concerned, the persons in charge bearing responsibility in housing provident fund management center and other directly responsible persons, who misappropriate housing provident fund or approve the misappropriation of housing provident fund, shall be investigated for criminal liability in accordance with the provisions of the criminal law on the crime of misappropriating public fund or other crimes; where such act is not serious enough for criminal punishment, administrative sanctions of demotion or dismissal from the post shall be imposed."

  11. One article is added as Article 42: "Where a housing provident fund management center violates financial regulations, the finance department shall impose administrative sanctions upon it in accordance with law."

  The order of some articles shall be adjusted correspondingly pursuant to the above-mentioned amendments.

  This Decision shall become effective as of the date of its promulgation.

  The Regulations on Management of Housing Provident Fund shall be amended correspondingly according to this Decision and re-promulgated.

Regulations on Management of Housing Provident Fund

  (Promulgated by Decree No. 262 of the State Council of the People's Republic of China on April 3, 1999, and revised in accordance with the Decision of the State Council on Amending the Regulations on Management of Housing Provident Fund on March 24, 2002)

Chapter I General Provisions

  Article 1These Regulations are formulated for the purpose of strengthening the management of housing provident fund, safeguarding the lawful rights and interests of owners of housing provident fund, promoting the construction of houses in cities and towns, and improving housing standards of residents in cities and towns.

  Article 2These Regulations are applicable to the payment and deposit, withdrawal, use, management and supervision of housing provident fund within the territory of the People's Republic of China.

  The term "housing provident fund" as used in these Regulations refers to long-term housing savings paid and deposited by State organs, State-owned enterprises, collective enterprises in cities and towns, foreign-invested enterprises, private enterprises in cities and towns and other enterprises in cities and towns, institutions, private non-enterprise units and associations (hereinafter collectively referred to as "units"), and by their on-the-job staff and workers.

  Article 3The housing provident fund paid and deposited both by staff and workers themselves and that by the units for their staff and workers shall be owned by the staff and workers.

  Article 4Management of housing provident fund shall comply with following principles: policy-making by housing provident fund management committees, operating by housing provident fund management centers, depositing in special bank accounts and supervising by finance departments.

  Article 5The housing provident fund shall be used for staff and workers to purchase, construct, renovate or rebuild self-occupied housing, and no unit or individual may misappropriate it for any other purposes.

  Article 6The interest rate of deposits and loans for housing provident fund shall be proposed by the People's Bank of China, and be submitted to the State Council for approval after soliciting the opinions of the competent administrative department of construction of the State Council.

  Article 7The competent administrative department of construction of the State Council shall formulate policies on housing provident fund jointly with the finance department of the State Council and the People's Bank of China, and supervise the implementation.

  The competent administrative departments of construction of the people's governments of provinces and autonomous regions shall, jointly with the finance departments at the same level and the branches of the People's Bank of China, be responsible for supervising the implementation of the management regulations and policies of housing provident fund within their administrative areas.

Chapter II Organs and Their Duties

  Article 8Municipalities directly under the Central Government, cities where the people's governments of provinces or autonomous regions are situated and other cities divided into districts (prefectures, autonomous prefectures and leagues) shall establish housing provident fund management committees to serve as the policy-making organs for the management of housing provident fund. Of the members of a housing provident fund management committee, one third shall be responsible persons from the people's governments, the departments of finance, construction, people's bank and other relevant departments, as well as experts; one third representatives of trade unions and workers; and one third representatives of units.

  The chairman of a housing provident fund management committee shall be held by a person with high social prestige.

  Article 9A housing provident fund management committee performs the following duties in the management of housing provident fund:

  (1) formulating and adjusting specific measures for the management of housing provident fund in accordance with relevant laws, regulations and policies, and supervising the implementation;

  (2) drawing up specific payment and deposit rates for housing provident fund in accordance with the provisions of Article 18 of these Regulations;

  (3) setting the highest loan quota of the housing provident fund;

  (4) examining and approving plans for the collection and use of housing provident fund;

  (5) deliberating the distribution plan of the appreciated proceeds of housing provident fund; and

  (6) examining and approving the reports on the implementation of plans for the collection and use of housing provident fund.

  Article 10Each municipality directly under the Central Government, the city where the people's government of a province or an autonomous region is situated and any other city divided into districts (prefecture, autonomous prefecture or league) shall, in accordance with the principle of simplification and efficiency, establish its own housing provident fund management center responsible for the operation and management of housing provident fund. Counties (cities) shall not establish housing provident fund management centers.

  Housing provident fund management centers provided for in the preceding paragraph may set up their branches in cities where conditions permit. Housing provident fund management centers and their branches shall implement unified rules and systems and practise unified accounting.

  Housing provident fund management centers are independent nonprofit institutions directly subordinate to the people's governments of cities.

  Article 11A housing provident fund management center performs the following duties:

  (1) drawing up and implementing plans for the collection and use of housing provident fund;

  (2) being responsible for recording staff and workers' payment and deposit, withdrawal and use of housing provident fund;

  (3) being responsible for the accounting of housing provident fund;

  (4) examining and approving the withdrawal and use of housing provident fund;

  (5) being responsible for the preservation in value and return of the housing provident fund;

  (6) drawing up reports on the implementation of plans for the collection and use of the housing provident fund; and

  (7) undertaking other matters decided by the housing provident fund management committee.

  Article 12A housing provident fund management committee shall, in accordance with the relevant provisions of the People's Bank of China, designate a commissioned commercial bank (hereinafter referred to as a commissioned bank) to handle the financial business relating to housing provident fund. The housing provident fund management center shall authorize the commissioned bank to handle such financial business as housing provident fund loans and settlement, and to go through the formalities of account-opening, payment and deposit, or return of housing provident fund.

  The housing provident fund management center shall sign a commission contract with the commissioned bank.

Chapter III Payment and Deposit

  Article 13A housing provident fund management center shall open a special housing provident fund account at a commissioned bank.

  A unit shall go to the housing provident fund management center to undertake registration of payment and deposit of the housing provident fund and, upon verification by the housing provident fund management center, go to a commissioned bank to go through the formalities of opening housing provident fund accounts on behalf of its staff and workers. Each staff member or worker may have only one account.

  The housing provident fund management center shall set up itemized accounts of housing provident fund for staff and workers to record such matters as the payment, deposit and withdrawal of housing provident fund by staff and workers.

  Article 14A newly established unit shall go to the housing provident fund management center to undertake housing provident fund payment and deposit registration within 30 days from the date of its establishment, and go to a commissioned bank to go through the formalities of opening housing provident fund accounts on behalf of its staff and workers within 20 days from the date of the registration with the verified documents of the housing provident fund management center.

  For units merged, divided, dismantled, dissolved or bankrupted, the original unit or a liquidation organization shall undertake modification of registration or cancellation of registration at the housing provident fund management center within 30 days from the date of the occurrence of any of the above-mentioned situations, and shall go through the formalities of transferring or sealing up housing provident fund accounts at a commissioned bank for its staff and workers within 20 days from the date of the completion of the modification of registration or the cancellation of registration with the verified documents of the housing provident fund management center.

  Article 15When employing new staff or workers, the units shall undertake housing provident fund payment and deposit registration at a housing provident fund management center within 30 days from the date of the employment, and shall go through the formalities of opening or transferring housing provident fund accounts of staff and workers at a commissioned bank with the verified documents of the housing provident fund management center.

  Where a unit terminates the employment relationship with any of its staff member or worker, the unit shall undertake modification of registration at a housing provident fund management center within 30 days from termination of the employment relationship, and shall go through the formalities of transferring or sealing up housing provident fund account of the staff and workers at a commissioned bank with the verified document of the housing provident fund management center.

  Article 16The monthly amount of housing provident fund to be paid and deposited by an individual staff member or worker shall be the product of his average monthly salary of the previous year multiplied by the payment and deposit rate of the housing provident fund of staff and workers.

  The monthly amount of housing provident fund to be paid and deposited by a unit for its staff and workers shall be the product of their average monthly salaries of the previous year multiplied by the payment and deposit rate of the housing provident fund of the unit.

  Article 17A newly employed staff member or worker shall pay and deposit housing provident fund beginning from the next month after he is employed and the monthly amount to be paid and deposited shall be the product of his salary of that month multiplied by the payment and deposit rate of the housing provident fund of staff and workers.

  A newly transferred staff member or worker from another unit shall pay and deposit housing provident fund from the date on which the unit into which he is transferred pays him salary and the monthly amount to be paid and deposited shall be the product of his salary of that month multiplied by the payment and deposit rate of the housing provident fund of staff and workers.

  Article 18The payment and deposit rates for housing provident fund of both staff and workers and units shall not be less than five percent of the average monthly salary of an individual staff member or worker in the previous year; in cities where conditions permit, the payment and deposit rate may be raised appropriately. The specific payment and deposit rate shall be worked out by the housing provident fund management committee, and upon verification by the people's government at the same level, be reported to the people's government of the province, autonomous region or municipality directly under the Central Government for approval.

  Article 19The housing provident fund to be paid and deposited by an individual staff member or worker shall be withheld from his salary by the unit for which he serves.

  A unit shall, within five days from the payday of each month, remit the housing provident fund paid and deposited by the unit together with that withheld by the unit for its staff and workers to the special housing provident fund accounts, the commissioned bank shall have the fund transferred to housing provident fund accounts of staff and workers.

  Article 20A unit shall pay and deposit housing provident fund on schedule and in full, and may not be overdue in the payment and deposit or underpay the housing provident fund.

  For a unit which really has difficulty in paying and depositing the housing provident fund, the payment and deposit rate may, upon discussion and approval by the staff and workers congress or the trade union of the unit, be lowered or the payment be deferred upon verification by the housing provident fund management center and approval by the housing provident fund management committee; the payment and deposit rate shall be raised or payment of arrears be made up when the economic efficiency of the unit has improved.

  Article 21The interests on housing provident fund shall, on the basis of the interest rates specified by the State, be computed from the date on which it is deposited into the housing provident fund accounts of staff and workers.

  Article 22A housing provident fund management center shall issue a valid receipt to each staff member or worker who has paid and deposited housing provident fund.

  Article 23The housing provident fund paid and deposited by a unit for its staff and workers shall be disbursed in accordance with the following provisions:

  (1) for State organs, disbursal in the budget;

  (2) for an institution, disbursal in the budget or expenditures upon the verification and approval of revenues and expenditures by the finance department;

  (3) for an enterprise, disbursal in its costs.

Chapter IV Withdrawal and Use

  Article 24Staff or workers may withdraw the balance of deposits in their housing provident fund accounts under one of the following circumstances:

  (1) purchasing, constructing, renovating or rebuilding self-occupied housing;

  (2) leaving their posts for rest or retirement;

  (3) having completely lost the ability to work and the employment relationship with the unit has been terminated;

  (4) settling abroad;

  (5) repaying the principal and interest of a loan for purchasing a house; or

  (6) the rent exceeds the specified proportion of family salary.

  Where the housing provident fund of staff and workers is withdrawn in accordance with the provisions of Item (2), (3) or (4) of the preceding paragraph, the housing provident fund accounts of staff and workers shall be closed at the same time.

  For staff and workers who are deceased or have been declared dead, their successors or legatees may withdraw the balance of deposits from their housing provident fund accounts; where there are no successors or legatees, the balance of deposits in staff and workers' housing provident fund accounts shall be brought into the appreciated proceeds of housing provident fund.

  Article 25Where a staff member or worker withdraws the balance of deposits from his housing provident fund account, the unit for which he serves shall make verification and issue a certification of withdrawal.

  Staff and workers shall apply to a housing provident fund management center to withdraw the housing provident fund by presenting the certification of withdrawal. The housing provident fund management center shall decide whether to approve the withdrawal within three days from the date of acceptance of the application and notify the applicant of the result; if the withdrawal is approved, the commissioned bank shall go through the formalities of payment.

  Article 26Staff and workers who have paid and deposited housing provident fund may apply to a housing provident fund management center for a housing provident fund loan when purchasing, constructing, renovating or rebuilding their self-occupied housing.

  The housing provident fund management center shall decide whether to approve the granting of the loan within 15 days from the date of acceptance of the application and notify the applicant of the result. If the granting of the loan is approved, the commissioned bank shall go through the formalities of granting the loan.

  Any risks of a housing provident fund loan shall be borne by the housing provident fund management center.

  Article 27The applicant who applies for a housing provident fund loan shall provide a guarantee.

  Article 28On the premise of ensuring withdrawal and loan of housing provident fund, the housing provident fund management center may use the housing provident fund to purchase treasury bonds upon the approval of the housing provident fund management committee.

  A housing provident fund management center may not provide any guarantee to others.

  Article 29The appreciated proceeds of housing provident fund shall be deposited in a special account of appreciated proceeds of the housing provident fund opened at a commissioned bank by a housing provident fund management center, which shall be used to establish the risk reserve funds for the housing provident fund loans, and as administrative expenses of the housing provident fund management center and supplemental funds for constructing low-rental housing in cities.

  Article 30With regard to the administrative expenses of a housing provident fund management center, the housing provident fund management center shall budget its annual total expenditures according to prescribed standards and, after reporting to and obtaining the approval of the finance department of the people's government at the corresponding level, remit those to the finance department at the corresponding level from among the appreciated proceeds of housing provident fund, and the disbursements shall be made by the finance department at the corresponding level.

  The standards for administrative expenses of a housing provident fund management center shall, together with the finance departments at the same level, be set by the competent administrative departments of construction of provinces, autonomous regions or municipalities directly under the Central Government, which shall be slightly higher than the expense standards as the State prescribes for institutions.

Chapter V Supervision

  Article 31The relevant finance departments of the local people's governments shall strengthen their supervision over the collection, withdrawal and use of housing provident fund within their respective administrative areas, and shall make reports thereon to the housing provident fund management committees of the people's governments at the same level.

  A housing provident fund management center shall solicit the opinions of finance departments when drawing up the plans for the collection and use of housing provident fund.

  When examining and approving the plans for the collection and use of housing provident fund and the reports on the implementation of the plans, the housing provident fund management committee must have the participation of the finance department.

  Article 32The annual budget and final account of housing provident fund drawn up by a housing provident fund management center shall, after being verified by the finance department, be submitted to the housing provident fund management committee for deliberation.

  The housing provident fund management center shall submit financial reports to the finance department and the housing provident fund management committee on a fixed date each year, and shall make the financial reports public.

  Article 33A housing provident fund management center shall, according to law, accept audit supervision from the auditing department.

  Article 34A housing provident fund management center and staff and workers have the right to urge a unit to perform the following obligations on time:

  (1) to undertake the registration of payment and deposit of housing provident fund, and to undertake modification or cancellation of the registration;

  (2) to open, transfer or seal up a housing provident fund account; and

  (3) to pay and deposit housing provident fund in full.

  Article 35A housing provident fund management center shall urge the commissioned bank to promptly handle the business agreed upon in the commission contract.

  The commissioned bank shall, as agreed upon in the commission contract, provide the housing provident fund management center with relevant information on a regular basis.

  Article 36Staff and workers and their units have the right to inquire about the payment, deposit and withdrawal of their housing provident fund, and the housing provident fund management center or the commissioned bank shall not refuse.

  If staff and workers or their units dispute the balance of deposits in their housing provident fund accounts, they may make an application to the commissioned bank for a check; if they still dispute the result of the check, they may make an application to the housing provident fund management center for a recheck. The commissioned bank and the housing provident fund management center shall give a reply in writing within five days from the date of receipt of the application.

  Staff and workers have the right to disclose, inform on or make accusation about any act of misappropriating housing provident fund.

Chapter VI Penalty Provisions

  Article 37Where, in violation of the provisions of these Regulations, a unit fails to undertake payment and deposit registration of housing provident fund or fails to go through the formalities of opening housing provident fund accounts for its staff and workers, the housing provident fund management center shall order it to go through the formalities within a prescribed time limit; where failing to do so at the expiration of the time limit, a fine of not less than 10,000 yuan nor more than 50,000 yuan shall be imposed.

  Article 38Where, in violation of the provisions of these Regulations, a unit is overdue in the payment and deposit of, or underpays, the housing provident fund, the housing provident fund management center shall order it to make the payment and deposit within a prescribed time limit; where the payment and deposit has not been made after the expiration of the time limit, an application may be made to a people's court for compulsory enforcement.

  Article 39Where, in violation of the provisions of these Regulations, a housing provident fund management committee examines and approves the use plan of housing provident fund, it shall be ordered to make corrections within a prescribed time limit by the competent administrative department of construction of the State Council jointly with the finance department of the State Council, or the competent administrative department of construction of the people's government of the province or autonomous region jointly with the finance department at the same level according to their administrative functions and powers.

  Article 40Where, in violation of the provisions of these Regulations, a housing provident fund management center commits one of the following acts, it shall be ordered to make corrections within a prescribed time limit by the competent administrative department of construction of the State Council or the competent administrative department of construction of the people's government of the province or autonomous region in accordance with their administrative functions and powers; and administrative sanctions shall be imposed in accordance with law upon the persons in charge bearing responsibility and other directly responsible persons:

  (1) failing to open a special housing provident fund account in accordance with provisions;

  (2) failing to examine or approve staff and workers' withdrawal or use of housing provident fund in accordance with provisions;

  (3) failing to use the appreciated proceeds of housing provident fund in accordance with provisions;

  (4) authorizing another organization other than the commissioned bank designated by the housing provident fund management committee to handle the financial business relating to housing provident fund;

  (5) failing to set up itemized accounts of housing provident fund for staff and workers;

  (6) failing to issue a valid receipt for staff and workers who have paid and deposited housing provident fund; or

  (7) failing to use housing provident fund to purchase treasury bonds in accordance with provisions.

  Article 41Where, in violation of the provisions of these Regulations, the housing provident fund is misappropriated, the misappropriated housing provident fund shall be recovered and the illegal income shall be confiscated by the competent administrative department of construction of the State Council or the competent administrative department of construction of the people's government of the province or autonomous region according to their administrative functions and powers; responsible persons of the people's governments, departments concerned, the persons in charge bearing responsibility in housing provident fund management center and other directly responsible persons, who misappropriate housing provident fund or approve the misappropriation of housing provident fund, shall be investigated for criminal liability in accordance with the provisions of the criminal law on the crime of misappropriating public fund or other crimes; where such act is not serious enough for criminal punishment, administrative sanctions of demotion or dismissal from the post shall be imposed.

  Article 42Where a housing provident fund management center violates financial regulations, the finance department shall impose administrative sanctions upon it in accordance with law.

  Article 43Where, in violation of the provisions of these Regulations, a housing provident fund management center provides a guarantee to others, administrative sanctions shall be imposed in accordance with law upon the persons in charge bearing direct responsibility and other directly responsible persons.

  Article 44Personnel of State organs who abuse their powers, neglect their duties, or commit illegalities for personal gain or by fraudulent means in supervising and managing housing provident fund shall be investigated for criminal liability in accordance with law where a crime is constituted; where no crime is constituted, administrative sanctions shall be imposed in accordance with law.

Chapter VII Supplementary Provisions

  Article 45Measures for financial management and accounting of housing provident fund shall be formulated by the finance department of the State Council in consultation with the competent administrative department of construction of the State Council.

  Article 46A unit which has not undertaken payment and deposit registration of housing provident fund or has not gone through the formalities of opening housing provident fund accounts for its staff and workers prior to the effectiveness of these Regulations shall, within 60 days from the date of effectiveness of these Regulations, undertake payment and deposit registration of the housing provident fund at a housing provident fund management center, and shall go through the formalities of opening housing provident fund accounts for its staff and workers at a commissioned bank.

  Article 47These Regulations shall become effective as of the date of promulgation.

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