Hi Anu,
- EPS eligibility will start with your EPF. If you are a member of EPF then you will also be a member of EPS.
- EPF and EPS are more or less same because both focus towards an employee retirement.
Its difficult to measure as in which works better. Both are having their own features which are good for different kind of employee work situation.
In the recent amendment in EPS in 2014 that if any employee whose PF wage is more than 15000/- and was not an EPF member earlier or was a member but withdrawan the amount and closed the account will have no EPS deduction of 8.33%. The complete 24% will go to an employee EPF account which is good.
Hope this information will help you to understand EPF and EPS difference.