EPS 2026: The government implemented the new EPS scheme on June 29th. It differs from the previous pension scheme in several ways. Let's explore what's new and what's old in this pension scheme.

What is old and what is new in the new pension scheme

EPS-2026: The central government implemented the new EPS (Employees' Pension Scheme) on June 29th. This new scheme will replace the EPS 1995 (EPS-95) and the Employees' Family Pension Scheme 1971. The new scheme, implemented by the government, retains the same rules for pension calculation, contributions, and minimum pension. However, some important changes have been made, including the time limit for settling pension claims, interest on delayed payments, and higher pensions. So, let's explore what is changing and what isn't in this new pension scheme.

What's special about the new pension scheme?
The new pension scheme implemented by the government remains largely unchanged. However, there are some things that can be said to have been upgraded. Here's what has changed.

• It has been made mandatory to settle pension claims within 20 days.
• In case of delay, 12% annual interest will be given to the employee.
• Higher pension rules have been formally incorporated in the scheme.
• There is a provision of a minimum 8.5% return on government contribution.
• Digital compliance will be promoted for employers.
• The name of the scheme has been changed to Employees' Pension Scheme, 2026.

What hasn't changed?
Few major changes have been made under the new pension scheme. However, there are some key things that remain unchanged. Here are some things that haven't changed.

• The pension of those already receiving a pension will continue.
• There has been no change in the formula for withdrawing pension; it will remain the same as before.
• The calculation of pensionable salary will also remain the same as before.
• The rules for contribution to EPF/EPS will also remain the same; no changes have been made in them.
• The eligibility for receiving pension will remain the same as before.
• The option of early pension will continue from the age of 50 years.
• The rules for leaving the job before 10 years have not been changed.
• There will be no increase in minimum pension.
• The rules for family pension and disability pension will also remain the same as before.

It should be noted that the pension benefits of employees already receiving pension benefits will remain unchanged. There will be no changes. These minor but necessary changes have been made under this new pension scheme.