The Employees' Provident Fund Organisation's (EPFO) is likely to credit the first installment of 8.5 percent for the financial year 2019-20 to subscribers of EPF (Employees' Provident Fund) by Diwali, a member of EPF executive committee told Hindustan Times' sister publication Live Hindustan.
The retirement fund body had earlier recommended that the interest rate for 2019-20 to be paid in two installments as market volatility amid the pandemic affected its income from equity investment. The first installment of 8.15 percent will be credited to the accounts of its 50 million subscribers by Diwali, according to Live Hindustan.
The balance of 0.35 percent, as decided in September, would be paid from the sale of investment in exchange-traded equity funds in December.
The interest rate of 8.5 percent is lower than 8.65 percent in the previous year.