Industry

EPFO postpones trustees meeting scheduled for November 11

This November 4, 2014 screenshot shows the UAN service portal on the EPFO site.  

Retirement fund manager EPFO has postponed the November 11, 2014 meeting of its apex decision making body, the Central Board of Trustees, which was scheduled to discuss and approve audit as well as annual report for 2013-14.

“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 Employees’ Provident Fund Organisation.

During the next meeting, the trustees body headed by the Union Labour Minister will also review the EPFO’s ambitious Universal Account Number project under which a portable permanent PF account number is being provided to about 5 crore subscribers of the social security scheme.

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

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

As per the practice, 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.

According to the official, the trustees would also review the UAN project and may tweak investment norms to improve its returns.

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

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Printable version | Feb 25, 2021 1:39:17 PM | https://www.thehindu.com/business/Industry/epfo-postpones-central-board-of-trustees-meeting/article6563834.ece

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