Retirement benefits represent a substantial portion of an organisation's benefit costs and are a key component of strategic planning. It's important for employers to manage these retirement benefits (and trusts) in compliance with regulatory standards, ensure good governance, maintain cost efficiency, and mitigate associated risks.
WTW recently conducted the 2024 State of Retirement Benefits in India Survey to gain insights into what companies are doing to cope up with the evolving retirement/ long-term benefits landscape.
Respondent profile
Corporate NPS
More than half of employers who are not currently offering Corporate NPS plan to introduce the benefit in the near future.
Funded Gratuity Plans
Two in five employers are considering to evaluate alternative insurers or investment options for funded gratuity plans, including those that are currently satisfied with their fund performance.
Exempt Provident Funds
Two in five employers with Exempt Provident Funds believe that a self-managed model is unsustainable in the long-term, citing regulatory compliance as the major burden.
Exempt Trusts
Majority of employers having exempt trusts are looking to conduct an investment review, while two in five are planning to carry out an ALM exercise.
Labour Codes
Nearly half of the employers have taken action to assess the financial impact of labour codes. But a significant number do not know if and how they may need to change their compensation structures, or the potential impact on PF contributions and gratuity liabilities.
Please complete the form to receive the key highlights of the survey findings. For more information around the survey findings, please reach out to your WTW consultant or write to WTWIndia.
