September 27, 2016 5:04:35 pm
About 80 per cent of Indian companies feel the government should make retirement benefit plans more tax-friendly to improve employee participation. As many as 70 per cent feel increased employee education is needed, while 59 per cent suggest making access to plans simple and easy, says study.
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Employees’ Provident Fund (EPF) is seen as a strong pillar in supporting retirement adequacy goals with 59 per cent suggesting widening its scope, according to the India Retirement Benefits Response Study by global advisory, broking and solutions company Willis Towers Watson.
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At the same time, the National Pension System (NPS) continues to draw the attention of Indian employers with 67 per cent suggesting making it compulsory.
The study pointed that while NPS and EPF are designed for fundamentally distinct purposes, 57 per cent companies want the government to provide employees an option between the two, whereas 54 per cent suggest merging them.
Kulin Patel, Director, Willis Towers Watson, said, “Recent Government initiatives around driving pension adequacy are a step in the right direction and what is now required is implementation guidance. The study findings clearly indicate that employers are seeking greater clarity from Government around the role and interlinkages between various schemes like EPF, NPS and Superannuation.”
As per the survey, one in three surveyed organisations currently offers NPS and as many as 70 per cent of those not
offering so plan to implement it in the near future. The survey was conducted across sectors during April to
May 2016 and drew responses from 118 companies and senior leaders.
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