The decision of India’s Employees’ Provident Fund Organization (EPFO) board to split its payout for 2019-20 into two parts—8.15% from its bond investments right now and 0.35% from its equity investments later this year—was unprecedented alright. But it was no big surprise, given the poor performance of its stock portfolio. Provident fund (PF) subscribers should not fret too much. Even if they must content themselves with just the main tranche, a rate of 8.15% is superior to anything a bank deposit could have offered in these times of low interest rates. In fact, some economists have argued that PF account holders are rewarded far too handsomely, distorting credit markets by getting in the way of efforts by the central bank to cheapen loans. It is an argument that holds some weight, and so the state-run manager of our retirement kitty has been generous. Fund management is not about generosity, however, and its deferral of the equity slice of its annual payout is yet another sign that it is woefully out of step with the times.