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.
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The world's leading economies have discussed how to take advantage of their lower debt costs to spend more on investment as a way to boost weak economic growth, the head of the Organisation for Economic Co-operation and Development said. "Already lower interest rates create more fiscal space," OECD Secretary General Angel Gurria told Reuters on Sunday on the sidelines of a meeting of finance ministers and central bank governors from the Group of 20 economies. The G20 is trying to find new …