Ease of operations, taxability and returns: these are the biggest concerns for users of retirement benefit products like the National Pension System and Employees’ Provident Fund, the two largest pension products in the country. The year 2017 saw some incremental changes in both these products.
“(This year) has seen the NPS evolve further with measures like partial withdrawal, extending the eligibility to join and a few administrative developments like online enrolment. EPF has not changed significantly but does continue to roll out administrative process updates, for example the ability to apply for withdrawals online and also allow more withdrawal of funds for housing,” said Kulin Patel, head of retirement, South Asia, Willis Towers Watson.
