As of next month, professionals, individuals who run their own businesses and their employees in local urban areas will have access to the housing provident fund, and the scope for usage of the fund will also be expanded, according to new regulations issued by the Shanghai Provident Fund Management Center yesterday.
Such individuals can make deposits at the district or county-based housing provident fund operation centers nearest to their permanent residences, with the monthly payment to correspond to 10-24 percent of their average monthly incomes the previous year. The payments cannot exceed the monthly maximum amount stipulated by the city every year.
The less well-off who meet certain conditions will be able to spend their housing provident funds on home rents, property management and maintenance fees, those who qualify being those receiving the city's minimum income, those unemployed for more than two consecutive years and suffering serious troubles in their lives and those experiencing serious illness of either themselves or family members.
(Shanghai Daily December 28, 2005)
