The Tamil Nadu government of MK Stalin has made a major announcement regarding government employees. Chief Minister MK Stalin on Saturday announced a new scheme that will provide guaranteed pensions for government employees after retirement. He stated that this scheme will provide benefits similar to the Old Pension Scheme (OPS).Half of the last salary will be given as pensionThe government announced that 50 percent of government employees' last salary will be provided as a guaranteed pension. For this, the state government will contribute 10 percent of the employee's contribution, plus the necessary additional funds, to the pension fund. Under this scheme, pensioners' dearness allowance will be increased every six months, similar to that of government employees. Upon the death of a pensioner, 60 percent of the pension amount will be given to the deceased's nominee as a family pension.If an employee dies while in service, a maximum of ₹25 lakh will be paid, depending on the length of service. The Chief Minister said in an official statement that all those retiring after the implementation of the new Assured Pension Scheme will be provided the minimum pension. Those who retired from government service under the Contributory Pension Scheme before the implementation of the Tamil Nadu Assured Pension Scheme (TAPS) will be given a special compassionate pension.TAPS will require the Tamil Nadu government to contribute an additional ₹13,000 crore to the pension fund. Additionally, the government's annual contribution to TAPS implementation will be approximately ₹11,000 crore.
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