Repaying EPFO Settlement Amount for Higher Pension Calculation
If you wish to regain the service history for the period from 1987 to 1997 and potentially increase your pension benefits, you may have the option to repay the amount settled by EPFO with interest. Here are the steps you can consider:
1. [🔍] Contact EPFO: Begin by reaching out to the Employees' Provident Fund Organisation (EPFO) office where your account is maintained. Inquire about the process for repaying the settled amount to include the previous service period in your current EPF account.
2. [📝] Obtain Details: Request a detailed statement from EPFO showing the amount that was settled previously, along with the applicable interest rate for repayment. This information will help you understand the total sum to be repaid.
3. [💰] Calculate Repayment Amount: Calculate the principal amount you received as settlement in 1997 along with the interest accrued on that amount until the present day. EPFO will provide the specific interest rate applicable for such repayments.
4. [📄] Formal Application: Submit a formal application to EPFO expressing your intention to repay the settled amount to include the previous service period in your EPF account. Ensure the application includes all necessary details and is duly signed.
5. [📅] Payment Process: Follow the payment process as guided by EPFO. This typically involves depositing the calculated amount along with interest through the specified payment modes provided by EPFO.
6. [📝] Acknowledgment: Upon successful repayment, obtain an acknowledgment from EPFO confirming the receipt of the repayment amount. This acknowledgment serves as proof of the transaction for future reference.
7. [🔄] Service History Update: Once the repayment is processed and acknowledged by EPFO, your service history should be updated to reflect the inclusion of the previous service period from 1987 to 1997. This update may positively impact your pension benefits.
By following these steps and complying with the EPFO guidelines, you can potentially enhance your pension benefits by including the service period from your earlier employment stint. It's advisable to consult with EPFO officials or a financial advisor for personalized guidance tailored to your specific situation.