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
EPFO delays UPI-linked PF withdrawals to May-end amid final testing The Employees' Provident Fund Organisation (EPFO) has postponed the rollout of UPI-linked pension fund withdrawals to the end of May as it completes final testing for the sixth and last module of its Centralised IT Enabled System (CITES) 2.0 upgrade. Originally scheduled for March, the delay follows ongoing user testing for the final module, which focuses on grievance and compliance processes. CITES 2.0 represents a comprehensive overhaul of EPFO's legacy IT infrastructure, replacing fragmented, office-based systems with a centralized platform. The project is divided into six modules, each addressing specific functions: member accounts, employer filings, claims, pensions, finance, and compliance/grievance redressal. Five modules have already been implemented, while the sixth, handling compliance and grievance management, is currently under testing. The transition will require a temporary shutdown of EPFO services for approximately two days, likely during a weekend, to facilitate a full migration of data and software for all members and employers. A senior official overseeing the rollout noted that this downtime is necessary due to the system's complete redevelopment. The new platform, developed by a third-party IT firm under EPFO's supervision, will be accompanied by a dedicated mobile app distinct from the UMANG portal. This app will link users' bank accounts, enabling faster access to funds. Officials have indicated that users may withdraw up to 75% of their PF balance through the UPI-linked system, streamlining the process compared to traditional methods.#ministry_of_labour_and_employment #epfo #cites_2_0 #upi_linked_pf_withdrawals #umang_portal
Labour Ministry Leverages Influencers to Promote Pension Scheme for Workers The Ministry of Labour and Employment has launched an initiative to engage digital influencers in promoting the Pradhan Mantri Shram Yogi Maandhan (PM-SYM) pension scheme, aiming to increase awareness and expand social security coverage for informal workers. The Directorate General of Labour Welfare (DGLW), which oversees welfare programs for informal sector workers and industries under labour welfare funds, issued a call for collaboration with influencers. Interested creators are invited to submit their details via email by March 25, 2026, to participate in the campaign. In a social media post, the DGLW emphasized the importance of digital platforms in public outreach, urging responsible and credible influencers to disseminate accurate information about the scheme. The initiative targets grassroots and informal sector communities, ensuring they are informed about their pension entitlements. The ministry highlighted that influencers can play a significant role in expanding social security awareness and connecting eligible workers with the benefits of the PM-SYM scheme. This outreach effort aligns with broader government strategies to integrate informal and platform workers into formal welfare systems. Recent policy measures, such as the Code on Social Security, 2020, have aimed to extend social security coverage to workers across organized and unorganized sectors, including gig and platform workers. India’s largely informal labour force has prompted legislative changes to strengthen the social security net. The ministry’s use of influencers also reflects a growing trend in government communication.#ministry_of_labour_and_employment #directorate_general_of_labour_welfare #pradhan_mantri_shram_yogi_maandhan #code_on_social_security_2020 #mygov
