New Delhi, Jul 2: The Central government has notified the Employees’ Provident Fund (EPF) Scheme, 2026, replacing the EPF Scheme, 1952, as part of the implementation of the Code on Social Security, 2020. The new scheme came into force on June 29 following its publication in the Gazette.
The EPF Scheme, 2026 seeks to strengthen digital compliance, improve administrative efficiency, enhance portability of provident fund accounts and align the EPF framework with the new labour codes.
The mandatory EPF contribution remains unchanged at 12 per cent of wages each from employees and employers. However, the existing 10 per cent contribution rate will continue to apply to establishments notified by the Central government.
The scheme also revises provisions relating to partial withdrawals, allowing members to access provident fund savings for medical treatment, education, marriage, housing and other specified purposes, subject to maintaining the prescribed minimum balance and fulfilling other conditions.
It further places greater emphasis on digital services by promoting electronic filings, online claim settlements, e-passbooks and Universal Account Number (UAN) linkage to improve transparency, streamline processes and make provident fund management more efficient. (Agencies)
