If you are planning for your retirement, the Employees’ Provident Fund (EPF) and Employees’ Pension Scheme (EPS) are two of India’s most trusted options.The two schemes, EPF and EPS, governed by the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, make retirement planning simpler for salaried workers in India.EPF provides a safer and disciplined route for long-term savings while the alternative, EPS, is an annutiy plan that gives you regular income while retiring.EPF The EPF is open exclusively to employees working in companies registered with the Employees’ Provident Fund Organisation (EPFO). Any firm with more than 20 staff must offer this scheme. Both the employee and the employer contribute 12% of the salary (basic pay plus dearness allowance). The employer’s share is split, with 3.67% going into the fund and the rest into the EPS. The EPF offers 8.25% interest for 2024-25, reviewed every year. Contributions qualify for tax deductions under Section 80C up to Rs 1.5 lakh, while interest is tax-free up to Rs 2.5 lakh annually. Withdrawals are tax-free only under certain conditions.EPS The EPS provides a regular pension starting at age 58, after at least 10 years of service. Only the employer contributes 8.33% of the salary to this scheme. In the event of the employee’s death, the pension continues to the nominee, ET reported. Together, EPF and EPS give salaried Indians a safe way to save and a reliable income after retirement.Here is how the two schemes differ: