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                The truth of multi land provident fund emergency: funds were misappropriated to build security housing

"The Difficulties of Provident Fund" series report 3:

　　 The more unaffordable the house, the more unable to withdraw provident fund Experts say the provident fund system needs to be reformed

　　 People's Network [Weibo] Beijing, November 12 (Jia Xingpeng) People's Daily Online reporter's series of reports on "the difficulties of provident fund" attracted wide attention.

Wang Lina, a researcher at the Institute of Economics of the Chinese Academy of Social Sciences, believes that the more low-income families who cannot afford to buy houses, the more difficult it is to withdraw provident fund. The scope of use of provident fund is narrow, almost turning into pension, which is suspected of "robbing the poor to help the rich". She called on the housing provident fund system to be reformed as soon as possible, not against the original intention.

　　 The landlord passes on taxes, resulting in high cost of housing provident fund

According to the Regulations on the Administration of Housing Provident Fund, housing provident fund is a long-term housing reserve deposited by state organs, state-owned enterprises, urban collective enterprises, foreign-invested enterprises, urban private enterprises and other urban enterprises, institutions and their employees. The regulations clearly point out that the housing provident fund deposited by individual employees and the housing provident fund deposited by the unit for them shall be deposited in a special account, and their ownership shall belong to individual employees.

The use scope of provident fund is divided into special areas. Taking the regulations of Beijing Housing Provident Fund Management Center as an example, under 16 circumstances, one can withdraw one's own provident fund, including purchasing a house, overhauling a house, renting a house, settling down abroad, retiring, serious diseases, etc.

However, it is not easy to withdraw the provident fund. Taking renting a house as an example, Beijing needs to provide the original and copy of the housing lease contract, the original and copy of the tax payment invoice for rent, the original and copy of the employee's ID card, and the employee's bank savings account number to withdraw the housing lease fund.

The first two provisions have baffled Wang Lin, who is preparing to withdraw the provident fund. Wang Lin, a single white-collar worker, has worked in Beijing for five or six years. With the rise of Beijing's housing prices, his plan to buy a house has long failed. Recently, he wants to take out the accumulation fund to pay high rent. As required by the regulations, housing contract and tax payment invoice are required for housing rental and withdrawal of provident fund. However, because of the hot rental market, the landlord did not issue a tax payment invoice, and Wang Lin had to bear the rent and tax himself. It is understood that the current types and tax rates of residential rental tax for ordinary domestic residents vary according to the rent, with the comprehensive collection rate ranging from 4% to 8%.

In addition, Wang Lina felt more incredible about the conditions for withdrawing provident fund due to overhaul and reconstruction of self owned houses. According to the regulations of Beijing Municipality, the relevant certification materials that employees should provide when withdrawing housing provident fund for the first time due to overhaul and reconstruction of their own houses include: the original and copies of the overhaul certificate and property ownership certificate of the housing management or property management department; The original and copy of the detailed invoice for purchasing materials or the invoice for expenses allocated to individuals.

"It is difficult for ordinary people to get these certificates." Wang Lina believes that if the provident fund management center has doubts, it can investigate whether it is really extracted due to decoration, rather than letting the extractor to self certify.

Although the Beijing Housing Provident Fund Management Center has given 16 conditions under which the provident fund can be withdrawn, for most people, if they can't afford to buy a house, the provident fund can only be deposited in the bank. Wang Lina believes that with this development, the provident fund will gradually evolve into a pension, "only when they are old and retired can they be withdrawn completely."

　　 Low interest rate of provident fund deposits is suspected of "robbing the poor to help the rich"

While the accumulation fund is difficult to withdraw, a large number of accumulation funds are idle, which has become another problem criticized. These idle funds sleeping in the account have weak appreciation ability due to the low deposit interest rate. It is reported that the current deposit interest rate of provident fund is 0.35%, and the 5-year deposit interest rate is 4%, lower than the bank deposit interest rate. According to one data, as of 2012, the national housing provident fund balance was 900 billion yuan.

The housing accumulation fund system is an important housing social security system stipulated by national laws, which is mandatory, mutual aid, and security. Its biggest feature is security. However, Wang Lina believes that with the rise of housing prices, the basic intention of provident fund to provide housing security for people has changed. More and more people are unable to pay the down payment and can not afford to buy a house, so they can only let the provident fund precipitate, or even devalue. "At the current interest rate of provident fund deposits, it can not resist the speed of inflation."

The provident fund can not be used by the poor, and low-income families can not use it. They can only deposit it in the bank at a very low interest rate, while people with higher income who can buy a house can use the provident fund loan to buy a house. Wang Lina said, "The provident fund is suspected of robbing the poor and helping the rich."

　　 The revised version of the Regulations on the Administration of Provident Fund has not appeared yet. Experts call for reform

In December last year, the People's Daily reported on the reform of the road finding provident fund and raised hopes for the reform of provident fund, saying that "the revision of the current Regulations on the Management of Housing Provident Fund has been going on for quite some time and is expected to be officially announced next year." The head of the provident fund center believes that the revision of the Regulations should focus on simplifying the procedures for handling provident fund Lower the threshold of provident fund loans and shorten the time for approval. At the same time, under certain conditions, moderately reduce the down payment ratio of provident fund loans, increase the loan amount of provident fund, and appropriately extend the loan life of provident fund.

Wang Lina believes that the provident fund system needs to be reformed urgently, and the use scope of provident fund should be expanded to allow housing related expenditures to be used. In addition, the deposit interest rate of provident fund should also be adjusted to properly increase the utilization rate of provident fund.