Looks like the best retirement planning that salaried employees can do given the intentions of the government to tax the EPF (or interest on EPF), is to shut down the PF before the new rules come into effect and move the balance to a tax free account in a Swiss Bank. Then all you have to do is open up a Swiss or EU company and invest in a made in India food business back home. Given some of the entrepreneurial friendly policies being introduced of late, this can only mean a secure future post retirement.
Jokes apart, it seems that this EPF taxation plan is the first step of a bigger plan that is not going to get discussed till the uproar over the issue dies down. This policy pretty much ensures that voluntary PF contributions are going to stop and that can only mean more disposable income in the hands of the salaried.
So, not only does this increase the funds for the Swachh Bharat and Agriculture schemes, but also for the increased service taxes. In the long term, this means that government has lesser interest to pay out due the lower voluntary PF contributions, plus some of that interest goes back to their kitty thanks to the taxes.