On October 9, the Nanjing Housing Provident Fund Management Center revealed an innovative pilot project that introduces monthly direct rental payments using housing provident fund contributions, a first for Jiangsu Province.
This pilot program will be implemented at “Southeast Youth Haven,” a long-term rental apartment complex. Nanjing employees who contribute to the housing fund will have the opportunity to apply for direct monthly rent payments. By submitting their application to the rental outlet, their information will be processed through the system. Upon approval, funds will be automatically transferred from their housing provident fund to the rental agency’s account, removing the hassle of separate rent payments. This streamlined approach offers a single application process, efficient data management, and a smoother rent payment experience.
Covering ten projects within the “Southeast Youth Haven,” this initiative spans seven major administrative districts in Nanjing and the Jiangbei New Area, providing access to over 5,000 rental units. Employees who complete the application process successfully will be able to withdraw funds each month from their housing provident account to pay their rent. They will also enjoy additional benefits such as deposit waivers and rental discounts. The goal of this initiative is to significantly ease the rental burden on employees, especially addressing the varied housing needs of new residents and young professionals.
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