EPFO postpones Nov 11 trustees meet on audit approval, UAN review

Retirement fund manager Employees' Provident Fund Organisation (EPFO) has postponed the November 11 meeting of its apex decision making body, the Central Board of Trustees (CBT), which was scheduled to discuss and approve audit as well as annual report for 2013-14.

The EPFO trustees have to approve the audit and annual report every year before December 10 for tabling the documents in the Parliament during Winter Session.

"The 205th meeting of the CBT scheduled to be held on November 11 has been postponed. The next date of meeting shall be informed shortly," said a circular of the EPFO.

During the next meeting, the trustees body headed by the Labour Minister will also review the EPFO's ambitious Universal Account Number (UAN) project under which a portable permanent provident fund account number is being provided to about five crore subscribers of the social security scheme.

UAN is a portable PF account. After getting UAN, the formal sector workers would not have to apply for the transfer of PF accounts on changing jobs. UAN will be a permanent and portable account number for lifetime of the members.

Besides, the CBT may deliberate on tweaking its investment norm to improve the returns on the provident fund deposits by its over five crore subscribers.

An EPFO senior official said the meeting is being called mainly for discussing and approving the audit and annual report of the body for the previous financial year.