EPS-2026 replaces EPS-95: Eligibility, membership rules, and withdrawal conditions explained

The central government has notified the Employees' Pension Scheme (EPS), 2026, under the Code on Social Security, 2020, replacing the earlier EPS, 1971, and EPS, 1995. While the new framework does not introduce much changes, it specifies rules of eligibility to enroll in EPS, membership conditions and continuation of pension benefits for existing subscribers.

The new EPS framework came into effect on June 29, 2026, the date of its publication in the Official Gazette.

Who will be covered under EPS 2026?

According to the Gazette notification, the following employees are eligible to become members of EPS-2026:

• New EPF members: Employees who become members of the EPF Scheme, 2026 and whose wages are within the notified wage ceiling.
• Existing EPF members: Employees who were already covered under EPS-95 or the Employees' Family Pension Scheme, 1971.

• Employees covered under older schemes: A member will continue to remain covered under the scheme until attaining the age of superannuation, withdrawing benefits, becoming eligible for pension or in the event of death.

When does EPS membership end?

As mentioned in the Gazette notification, a member's Pension Fund membership will end on the earliest of the following events:

• Attaining the age of superannuation.
• Availing of withdrawal benefits under the scheme.
• Death of the member.
• Vesting of pension under the scheme.

Withdrawal rules of EPS-2026

The Gazette notification also brings focus to withdrawal conditions under EPS-2026. An individual is eligible to withdraw a lump sum amount of EPS, earlier of below two situations :

• If the EPS member quits from their job before 10 years of completion of service.
• If the member has attained 58 years of age.

Employees who leave their job before completing 10 years of eligible service will continue to have two options to ensure their EPS benefits are not compromised.

They can either receive a withdrawal benefit as per the provisions of the scheme or obtain a Scheme Certificate, which allows the completed years of eligible service to be carried forward and added if they join another EPF-covered establishment in the future.

What does this mean for EPF subscribers?

The notification does not introduce a new eligibility framework for most existing subscribers. Instead, it brings the pension scheme under the Code on Social Security, 2020, while ensuring that employees covered under the earlier pension schemes continue to remain eligible under EPS 2026.

The Centre has also not announced any hike in the minimum monthly pension under EPS-2026, something that was highly anticipated. The scheme continues to provide the same monetary benefit of ₹1,000 per month, which has been in force since September 1, 2014.

The Gazette also mentions that the Employees' Pension Scheme, 2026 supersedes the Employees' Pension Scheme, 1995 and the Employees' Family Pension Scheme, 1971, except for actions already taken under those schemes before the new notification came into force.

Alongside EPS-2026, the Ministry of Labour & Employment has also notified the Employees’ Provident Funds Scheme, 2026, and Employees’ Deposit-Linked Insurance Scheme, 2026 under the new Code on Social Security.