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.
Some employees accused Wal-Mart Stores Inc on Friday of closing a location in the Los Angeles area for six months in retaliation for workers demanding for better wages and benefits. The closures include a location in Pico Rivera, California, that has been a center of protests by workers in recent years. Wal-Mart had not requested any city plumbing permits for the Pico Rivera store, the workers and city officials said. Pico Rivera City Manager Rene Bobadilla described the sudden manner in …