The Employees’ Provident Fund Organisation (EPFO) is scheduled to transfer the first instalment of 8.5 per cent for the 2019-20 fiscal year to EPF (Employees’ Provident Fund) subscribers by Diwali, a representative of the EPF advisory board notified Live Hindustan, the partner publication of the Hindustan Times. The retirement fund authority has already proposed that as financial uncertainty in the aftermath of the pandemic, the interest rate for 2019-20 to be paid in two instalments impacted its equity investment revenue.
According to Live Hindustan, the first instalment of 8.15 per cent will be credited to the accounts of its 50 million subscribers by Diwali. As stated in September, the balance of 0.35 per cent will be paid from the sale in December of investments in exchange-traded equity funds. The 8.5 per cent interest rate is lower than the prior year’s 8.65 per cent.