The Tamil Nadu government on Saturday, December 3, announced the Tamil Nadu Assured Pension Scheme (TAPS), fulfilling a 23-year-old demand by government employees seeking reforms in the pension system.<\/p>\n
Under the scheme, government employees are assured a pension amounting to 50% of their last drawn monthly salary. Employees will contribute 10% of their salary towards the pension, while the government will contribute the remaining share.<\/p>\n
The scheme also provides for Dearness Allowance (DA) hikes every six months, on par with serving government employees. In addition, it includes provisions for a family pension, under which nominees will receive 60% of the employee\u2019s pension in the event of their death.<\/p>\n
TAPS further assures a minimum pension amount for employees who retire without completing the required service period for eligibility under a regular pension scheme.<\/p>\n
An ex gratia pension has also been announced for employees who joined service under the Contributory Pension Scheme but retired before the implementation of TAPS.<\/p>\n
The scheme provides for a gratuity of up to Rs 25 lakh for employees upon retirement or in the event of death, depending on their length of service.<\/p>\n
The implementation of the scheme is expected to entail an immediate cost of Rs 13,000 crore, with an annual recurring expenditure of Rs 11,000 crore for the state government.<\/p>\n
Government employees have long been demanding the restoration of the Old Pension Scheme, which was replaced by the Comprehensive Pension Scheme in 2003.<\/p>\n
The reinstatement of the Old Pension Scheme was a key poll promise of the DMK in 2021. Meanwhile, government employee associations, including the Joint Action Council of Tamil Nadu Teachers\u2019 Organisations and Government Employees\u2019 Organisation (JACTO-GEO), had announced plans for an indefinite hunger strike to press the government to fulfil its commitment.<\/p>\n","protected":false},"excerpt":{"rendered":"The Tamil Nadu government on Saturday, December 3, announced the Tamil Nadu Assured Pension Scheme (TAPS), fulfilling a…\n","protected":false},"author":2,"featured_media":387376,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,188327,188328,188329,188325,147,530,51175,188326],"class_list":["post-387375","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-cps","tag-government-employees-pension-scheme","tag-old-pension-scheme-jacto-geo","tag-pension-scheme","tag-personal-finance","tag-personalfinance","tag-tamil-nadu","tag-taps"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/387375","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=387375"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/387375\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/387376"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=387375"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=387375"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=387375"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}