Assured Pension Scheme
There is news of great relief for lakhs of government employees and teachers of Tamil Nadu. The pension system which was being demanded for almost 23 years has finally been completed. Chief Minister MK Stalin has announced the implementation of Tamil Nadu Assured Pension Scheme (TAPS) in the state. The government claims that this scheme will provide secure and stable income to the employees after retirement, so that they do not have to worry about the future.
For the last several months, employee organizations were continuously putting pressure on the restoration of the old pension scheme. Big employee organizations like JACTTO-GEO and FOTA-GEO had warned of indefinite strike from January 6. But as soon as TAPS was announced by the government, these organizations retreated and withdrew the decision of strike. It is clear that the new scheme has removed a major concern of the employees.
What is Assured Pension Scheme (TAPS)
Under TAPS, government employees and teachers will get 50 percent of their last salary as pension after retirement. In this scheme, the employee will have to deposit 10 percent of his salary in the pension fund. The remaining amount will be entirely the responsibility of the state government. The government will ensure that the pension continues to be received regularly as per the fixed amount, irrespective of the market conditions.
Dearness allowance and family security
The special thing about this scheme is that dearness allowance (DA) will also be linked with the pension. DA will increase every six months, which will reduce the impact of rising inflation. If a pensioner employee dies, his family will be given 60 percent of the last pension as family pension. Apart from this, a provision of gratuity up to Rs 25 lakh has also been made in case of retirement or death during service, depending on the length of service.
Financial burden will increase on the government
To implement this scheme, the state government will deposit approximately Rs 13,000 crore in a lump sum in the pension fund. After this, there will be additional expenditure of about Rs 11,000 crore every year. The government has acknowledged that this is financially challenging, but securing the future of employees and teachers is its priority.
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