On March 29, the 2017 Annual Report of Yichang Housing Provident Fund is released. The report shows that Yichang ranks the first in four core items, including collection amount, withdrawn amount, and mortgage amount, value-added income in Hubei Province (excluding Wuhan) .This means more and more employees have begun to enjoy the benefit of fund bonus.
Rigid demand first for household loan draw---to ensure middle and low income people to live a comfortable life.
According to the 2017 annual report of the Yichang housing provident fund, a total of 225,200 paid-in employees withdrew housing fund of RMB 3.156 billion. In the total withdrawn amount, the housing consumption accounted for 73.61% as 26.39% for the non-housing consumption. Among the employees, middle and low income accounted for 81.36% as 18.64% for high income people. The middle and low income workers were the major groups, which effectively supported low and middle income workers to purchase houses and improve housing conditions.
In 2017, the provident fund issued a total of 2.81 billion yuan for personal housing loans, helping 8013 families realize their housing dream. It was the first time for 62.9% loan workers to apply for provident fund loans as 91.27% were middle and low income families. For employees' loan transactions, those whose house purchase area were under 90 (inclusive) square meters accounted for 17.03%,while 77.59% for 90-144(inclusive) square meters and 5.38% for over 144 square meters;34.34% for under 30 years old(inclusive), 37.4% for 30-40 years old (inclusive), 24.88% for 40-50 years old, 3.38% for over 50 years old. This shows that provident fund loans mainly support the rigid housing demand for people under 40, medium or small-sized housing type and middle-low income families.
The 2015 - 2017 data shows that the average growth of total lending and loan balance is 31.1% and 35. 21%, giving loan support to about 86,000 households of construction area of 8.4145 million square meters, and construction area of 97.84 square meters for per family.
Benefits extended to include all
The payment of employees’ interest expenses was 196 million RMB.
In 2017, Yichang Housing Fund Administration took various measures, such as expanding publicity and innovating law enforcement to enable more employees to enjoy the dividends of the accumulation fund. According to the report, in 2017, 5,621 companies in Yichang paid housing fund for 373,100 employees, and 452 companies of new opening accounted for 391 thousand employees, with a contribution of 51.14 billion yuan and increase of 13.69% year-on-year growth. By the end of 2017, Yichang Housing Fund Administration Center has received 305,94 million RMB, an increase of 20.07% over the previous year. The balance was 13,536 billion yuan with 16.91% year on year growth.
Amongnew opening accounts employees of 2017, urban private enterprises and other urban enterprises ranked first, accounting for 75.59%, followed by state-owned enterprises accounted for 10.81%, state organs and institutions accounted for 6.03%. This shows that more and more non-public enterprises gradually realize the superiority of housing fund system, thus becoming active in paying housing fund for employees, which maintenances worker’s rights and interests as well as enhances enterprises’ competitiveness.
In 2017, the application of housing fund loans was able to save 392 million RMB interest cost for employees, saving on the average 49,000 RMB interest cost for every family through whole loan period. The superiority of low interest rate of housing fund could effectively relieve the house- buying pressure of employees for both rigid demand and upgraded demand for bigger dwelling-size apartment.
Provident fund center will charge you 1.5% of the one-year fixed deposit interest rate each year for new-added provident fund and the provident fund deposits that were carried forward from the previous year. The statistics shows that interest paid on the employee's account has increased year by year. From 2015 to 2017, interest on the employee housing provident fund of 487 million RMB was paid, of which the interest payment for employee payments in 2017 was 196 million RMB, and the coverage of people who benefited from the housing provident fund system was 100%.
Excellence Comes from the secret of “ Put Service and Laws Enforcement First”
Randomly Electing Shows Yichang Topped in Hubei Province in Enforcing the Law
In 2017, Yichang Provident Fund Center used “Internet+” technology to support the business innovation of provident fund services and completed the handover of the national housing accumulation fund for off-site transfer of connected platforms, thus people can go anywhere with their money and account. The connection and sharing of system data in areas like provident fund accounts, housing investigations, the bank credits, and marriage inquiries will be achieved. In such a way the information has been connected and the citizens can spare fewer efforts in checking out the housing provident fund. And the performance of the service from the government will be improved greatly. At the same time, the center has become the first one in Hubei province to carry out the service that allows citizens to implement advance registrations of provident fund mortgage loans, make mortgages and loans at one-stop, bringing convenience to our citizens; and it has canceled the supporting evidence like the applications for applying for the fund and entrusting loan requisitions; it has provided the provident fund mortgage certification fees, agency service fees for the mass, reducing an average of 280 RMB per capita, and the goal of zero charge for all businesses.
In the second half of 2017, Yichang Provident Fund Center took the lead in Hubei province in carrying out the policy that electing the law enforcement officers and enterprises randomly to enforce laws on housing accumulation funds, thus to protect the legitimate rights and interests of employees. A total of 25 law enforcement officers and 17 enterprises in urban areas were randomly selected as the subjects of law enforcement inspections on the supervision platform of Yichang ahead of time, and those selected officers then have checked those enterprises and guided 11of them to establish a provident fund system, and they issued a “notice of deadlines” to one company which has no provident fund account. (Reporter: Zhang Xuemei; Correspondents: Li Ming; Zhang Zhuanceng)