Gen-X opting out of EPF, What is the alternative option to initiate savings?

http://economictimes.indiatimes.com/Gen-X_opting_out_of_EPF/rssarticleshow/3426845.cms

The article in economic times reveal the move towards western trend by Gen X (I accept this Gen X includes me). It also discusses the effects of following the new trend.

I thought of discussing it. I hope this blog would be a good option to throw our ideas. As an initiative let me give my ideas.

As the article points out people want good return from their money. The trend seen among people shows that the risk taking capability has increased among Gen X. We all know that high return comes with high risk. Now coming to the actual issue, do we still need PF? If the government needs PF money from the employees why not we try to implement Fixed & Floating interest to PF like the housing loans? By introducing this people whose risk taking capability is low can go in for fixed interest schemes. In turn people having greater risk taking capability can opt for floating interest scheme. The government can think of setting up the wealth management to improve the earnings of people. This will be a win-win situation for both our Indian government and the public. The earning by government will also go up without affecting the growing Indian economy.
I would be happy to debate about this issue.