Friends, you will know that there are two types of contribution deposited in the PF account – first EPF (employees provident fund) and second EPS (employees pension scheme) by submitting form-19 and form 10c after 2 months of leaving the job. EPF and EPS get full money, but the employee can withdraw the amount deposited in EPF as an advance even while working. (The amount deposited in EPS can never be withdrawn in advance) but EPF also has the contribution of both employee and employer, also known as EE BALANCE (employee share) and ER BALANCE (employer share).
The PF amount deposited in an employee share (EE BALANCE) can be easily withdrawn advance PF under illness or other advanced mercury, but there are some conditions to withdraw money from the employer share (ER BALANCE) in advance. If you also want to remove advance PF from ER BALANCE of your PF account, then in this post today we will tell you five ways through which you can remove your PF’s ER BALANCE in advance.
PF ER BALANCE withdrawal Method
Friends, if you also want to withdraw advance PF from ER BALANCE ie (Employer Share / Employer share) deposited in your PF account, then we are telling you about the total 5 advance mercury below, through which ER BALANCE of PF is advanced. Can be extracted.
1. Outbreak Of Pandemic (COVID-19)
Due to Corona epidemic, it has brought a new advance mercury by EPFO, under which employees can submit online PF advance claim. Under this advance mercury, you can claim an amount equal to 3 months basic salary (Basic + DA) or 75% of the amount deposited in the PF account (employee + employer share). On getting the advance claim settled, the amount of advance claim will be received from both the Employee and Employer share (EE BALANCE & ER BALANCE) of the PF account.
2. Cunstruction Of House
Under this advanced mercury, 5 years of service is required to claim advance PF. Under this advanced mercury, employees can claim advance for an amount equal to their 24 months basic salary to buy the site. Apart from this, for the purchase or construction of a house or flat, the total amount of the basic employee or employer with 36 months basic salary or interest can be claimed as advance. Claims made under this advanced mercury will also get EE BALANCE and ER BALANCE in advance.
3. Repayment of Loan in Special Cases
If you have taken a loan from an agency and want to withdraw from your PF account for repayment of that loan or for repayment of interest, then you can be a total employee and employer share (EE BALANCE & ER BALANCE) with your 36 months basic salary or interest. ) As much as you can claim for the amount, but this advanced claim option is not available online, ie under this advanced mercury you will not be able to claim online.
4. In Case Of Establishment’s Closure For More Than 6 Months And Employees Continue To Be Unemployed Without Compensation
If your company is closed for 6 months and you are unemployed and have not received any kind of unemployment allowance, then in such a situation you can withdraw 100% of the total employer share deposited in your PF account, but this advance You will not get any mercury while claiming online, that is, you cannot claim online even under this advanced mercury.
5. 90% Withdrawal Before Retirement
If you are 54 years of age, then you can submit online advance PF claim under this advanced mercury, in which you will get 90% of the amount deposited in the PF account (EE BALANCE & ER BALANCE) as advance, But you will get this option only when you are 54 years old.
