Housing provident fund relief for firms
Print Edition
Shanghai will allow all enterprises to defer payments of housing provident fund for up to five months, which can help ease their cash flow pressure amid the coronavirus outbreak.
Pu Jianhua, director of the city鈥檚 social security fund management center, said yesterday that enterprises in Shanghai can have the grace period for paying housing provident fund starting from February to June without hurting the interests of their employees.
With the housing provident fund, half of which is paid by the employer, people can enjoy a much lower loan rate when buying a home.
People can still apply to use the housing provident fund as usual even if their employers have not paid the corporate part for them on time.
鈥淎ll enterprises are eligible for the measure,鈥 Pu said. 鈥淭hose who have paid the funds for February can apply for the deferral for the period of March to June.鈥
On Tuesday, the State Council issued new rules on collecting social security funds to help businesses during the epidemic.
The country has decided to exempt small- and medium-sized enterprises nationwide and firms in Hubei Province from paying the social security funds of pension fees, unemployment insurance and workplace safety insurance from February to June. The exemption is expected to reach at least 500 billion yuan (US$71.3 billion).
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