There is a new PF rule which is to be implemented which will calculate the 12% based on not just basic salary but also the other allowances(gross income).
http://www.moneycontrol.com/master_your_money/stocks_news_consumption.php?autono=794275#toptag
For employees with CTC struture you will be taking home less salary and contribute more into EPF(as your employer contribution also comes under CTC).
This will be argued by many as good thing as current PF earns almost 8% compounded return. But this need not remain same in future and there is very good chance of it coming down in future years.Hence major part of your saving will be stuck in low yielding component.
I would wait for things to pan out and see whats in the store.
What is your take?