Tamil Nadu Unveils Visionary Pension Scheme for Government Workforce

Tamil Nadu Chief Minister M K Stalin announced the Tamil Nadu Assured Pension Scheme to restore benefits of the Old Pension Scheme for government employees and teachers. The scheme promises a 50% assured pension based on the last drawn salary and addresses a longstanding demand. The CM urged cooperation for implementation.

Tamil Nadu Chief Minister M K Stalin has rolled out the Tamil Nadu Assured Pension Scheme (TAPS), fulfilling a decades-old demand of government employees and teachers for a defined pension similar to the Old Pension Scheme. The new initiative promises to deliver the benefits of its predecessor.

Under TAPS, government employees are assured a pension that makes up 50% of their last drawn salary. The state government pledges to handle additional funding requirements, despite financial constraints. Dearness Allowance will be increased semi-annually, and family pensions ensured in case of the pensioner's death to provide financial security.

The announcement, hailed as a significant victory by JACTO-GEO, marks the end of a 23-year struggle for pension reforms. The move is labeled as both visionary and practical and is celebrated as a model for the nation, with expectations it will become a precedent for other states.

(With inputs from agencies.)