Employees' Pension Scheme 2026: Key Reforms and Benefits The Ministry of Labour and Employment introduced the Employees’ Pension Scheme, 2026 (EPS 2026) on 29 June 2026, replacing the Employees’ Pension Scheme 1995 (EPS 1995) and the Employees’ Family Pension Scheme, 1971. The new scheme, notified under Section 15(1)(b) of the Social Security Code, 2020, consolidates and modernizes the statutory pension framework while preserving the contributory structure managed by the Employees’ Provident Fund Organization (EPFO). It came into effect on 29 June 2026, ensuring continuity for existing pensions and rights accrued under the previous schemes. The EPS 2026 applies to employees who join the Employees’ Provident Fund Scheme, 2026 and meet eligibility criteria, including the notified wage ceiling for new membership. It also covers existing members of EPS 1995 and the Family Pension Scheme, 1971. Membership continues until superannuation, death, withdrawal of benefits, or pension commencement, whichever occurs first. The existing EPS 1995 Pension Fund was transferred to EPS 2026, with all assets, liabilities, and balances retained without affecting pension disbursement. Employer contributions remain unchanged at 8.33% of wages up to the notified wage ceiling, while the Central Government’s share stays at 1.16% of wages, subject to statutory ceilings. For members who exercised the joint option under EPS 1995, employers continue to contribute an additional 1.16% on wages exceeding Rs 15,000, resulting in an effective contribution of 9.49% on such wages.#ministry_of_labour_and_employment #employees_pension_scheme_2026 #employees_provident_fund_organization #social_security_code_2020 #employees_family_pension_scheme_1971
