Private sector employees may soon receive the declared interest rate of 8.5 percent on their Employees' Provident Fund (EPF) savings in 2019-20 in a single instalment.
The Employees' Provident Fund Organisation (EPFO) made the decision after receiving higher-than-expected returns on equity investments in December, according to a Business Standard report.
The Central Board of Trustees (CBT), on September 9, approved the PF interest rate of 8.5 percent for subscribers but said it would be paid in two tranches - 8.15 percent and 0.35 percent.
Out of the contributions received, the EPFO invests 85 percent in fixed-income instruments and 15 percent in equity through exchange-traded funds (ETFs).
Benchmark Indian indices have been performing well, with Sensex crossing 45,000, and the Nifty50 surpassing 13,500 for the first time in the first week of December.
Source:Money control
