There are many reforms that needs to be carried out in India's EPF.
1. Basic + all other vaguely named allowances to be added for EPF if they have been paid on a monthly basis.
2. Contribution to Pension to be increased to 12% and an equal amount from employers - like the golden parachutes of CEOs employees need some parachute
3. 10 % of IT collected from EPF Members should be set aside to provide pension dearness allowance
4.; All unclaimed PF contributions to be transferred to this dearness allowance fund
5. Pensionable age should be lowered to 55 or age discrimination in employment should be legally stopped like in the US
6. Government Procurement and Subcontracting should be given to pensioners who set up business on a preferential basis
7. Names of all companies defaulting on PF/Gratuity payments with CEO names should be disclosed periodically on a portal by SEBI and Mutual Fund members should have a mechanism to prevent funds money being invested into those company shares.
8. All contracts of remuneration of board members and CEOs should be legally made null and void as per the list on point 7.
9. Companies must be ranked on the basis of quantum and timeliness of the EPF/gratuity payments regularly so that employee investors can reward good players and kick the rogues.
10. Mutual Funds should disclose that they take these governance principles while invbesting in companies.