GPF, EPF, NPS & Pension Schemes (1960 - 2025)
Evolution of retirement benefit schemes for government employees and PSU workers, including GPF, EPF, EPS, NPS, and pension rule changes.
📅 Notified: 1960 | Applicable: Central & State Govt
Scheme Type: Defined Contribution
Subscription: 6% to 100% of emoluments (Basic + DA)
Employer Contribution: None
Interest Rate: Notified quarterly by Ministry of Finance (DEA)
Current Rate (Q3 FY 2025-26): 7.1% per annum
📅 Act: 1952 | Applicable: PSU, Private Sector
Scheme Type: Defined Contribution
Employee Contribution: 12% of PF wages (Basic + DA)
Employer Contribution: 12% of PF wages
Employer Split: 8.33% to EPS (capped at ₹15,000 wage) + balance to EPF
Note: PSU executives follow this scheme (not GPF)
📅 Effective: November 16, 1995
Scheme Type: Defined Benefit Pension
Funding: 8.33% of employer's 12% contribution
Pensionable Wage: Capped at ₹15,000/month
Maximum EPS Contribution: ₹1,250/month (8.33% of ₹15,000)
Vesting Period: 10 years minimum service
📅 Effective: January 1, 2004 | Mandatory for new joiners
Applicable To: All Central Govt employees joining on or after 01.01.2004
Scheme Type: Defined Contribution (market-linked)
Employee Contribution: 10% of Basic + DA
Employer Contribution: 10% of Basic + DA (increased to 14% in 2019)
Key Change: Replaced guaranteed pension with market-linked returns
⚠️ Note: Employees joining before 01.01.2004 continue under Old Pension Scheme (OPS) with defined benefits.
📅 Introduced: 1968 | Open to All Citizens
Annual Limit: ₹1,50,000
Interest Rate (Q3 FY 2025-26): 7.1% per annum
Maturity: 15 years
Tax Benefit: EEE (Exempt-Exempt-Exempt) under Section 80C
📅 Effective: 2019
Change: Central Govt employer contribution increased from 10% to 14%
Employee Contribution: Remains 10%
Total Contribution: 24% of (Basic + DA)
📅 As of December 2025
| Scheme | Applicable To | Employee | Employer |
|---|---|---|---|
| GPF | Central/State Govt | 6-100% | 0% |
| EPF+EPS | PSU Employees | 12% | 12%* |
| NPS | Central Govt (post-2004) | 10% | 14% |
*EPF+EPS: 12% employer contribution split as 8.33% to EPS (capped at ₹15,000 wage) + balance to EPF