Employees' Pension Scheme (EPS) 2026: Eligibility, membership rules, and exit conditions explained

The Centre has notified the Employees' Pension Scheme (EPS), 2026, replacing the Employees' Pension Scheme, 1995 under the Code on Social Security, 2020. While the new framework largely retains the existing pension structure, it lays down the eligibility conditions for joining the pension fund, specifies when membership comes to an end and continues coverage for existing subscribers.

Who can join EPS 2026?

According to the Gazette notification, the following employees are eligible to become members of the Employees' Pension Scheme, 2026:

• New EPF members: Employees who become members of the Employees' Provident Funds Scheme, 2026, or the provident fund of an establishment exempted under Section 143 of the Code on Social Security, provided their wages are at or below the wage ceiling notified by the Central Government.
• Existing EPS subscribers: Employees who were already members of the Employees' Pension Scheme, 1995.
• Employees covered under earlier schemes: Those who were entitled to become members of the Employees' Pension Scheme, 1995 or the Employees' Family Pension Scheme, 1971 before the new scheme came into effect.

When does EPS membership end?

As per the Gazette, a member will cease to be part of the Pension Fund 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.

What does this mean for EPF subscribers?

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

The Gazette also states 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.