Tamil Nadu Unveils New Assured Pension Scheme for Government Employees

Tamil Nadu Chief Minister M K Stalin announced the 'Tamil Nadu Assured Pension Scheme,' fulfilling a decades-old demand. It provides government employees 50% of the last drawn salary as pension and includes death gratuities and other benefits. The scheme also addresses government expenditure challenges due to its significant financial commitment.

In a significant move, Chief Minister M K Stalin unveiled the Tamil Nadu Assured Pension Scheme (TAPS), fulfilling a long-standing demand of government employees and teachers. The new scheme ensures that employees receive 50% of their last drawn salary as pension, effectively reviving benefits similar to the Old Pension Scheme.

Despite Tamil Nadu's financial constraints, the government has committed to an estimated annual expenditure of Rs 11,000 crore towards the Pension Fund, in addition to a one-time contribution of Rs 13,000 crore. This financial undertaking underscores the government's dedication to safeguarding the welfare of its employees.

The introduction of TAPS has been positively received by various teacher and employee organizations, marking a resolution to a 23-year struggle. This move by the state government is acclaimed as a New Year gift and a testament to the Dravidian model of governance, which promises automatic fulfillment of public demands with fiscal improvements in Tamil Nadu.

(With inputs from agencies.)