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.
The dollar held pole position in Asia on Friday as bulls wagered a looming U.S. jobs report would add to the chance of rate hikes there, even as the European Central Bank embarks on a trillion euro campaign of bond-buying. The same balance of risks kept most equity investors cautious with MSCI's broadest index of Asia-Pacific shares outside Japan up a slim 0.2 percent. A strong jobs report could offset all that and give the Fed reason to stick to its tightening timetable at the next policy …