New Delhi, Jan 13, 2014
The Employees Provident Fund Organisation decided to increase the interest rate on Provident Fund deposits for 2013-14 to 8.75%.
This is an improvement of 0.25% over the 8.5% interest rate paid last year.
The announcement made by labour minister Oscar Fernandes after a meeting on Monday will benefit close to eight crore subscribers.
EPFO fixes the rate based on the interest earned on its investment and its expenses.
Are you one of the subscribers of the EPFO? Then check your accounts online on a real-time basis by clicking here.
Oil prices edged higher on Monday, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising U.S. production limited gains. Brent crude oil climbed 0.2 percent to $56.09 a barrel, while U.S. West Texas Intermediate added 0.1 percent to $54.04 a barrel. Oil prices tumbled on Friday after U.S. Energy Information Administration data showed U.S. crude inventories rose for a seventh straight week. …