Stalin announces Assured Pension Scheme

New scheme to provide pension equal to 50% of employee's last-drawn salary; state government to fully bear cost

- T MURUGANANDHAM @ Chennai

Tamil Nadu CM M K Stalin presents appointment orders to 621 police sub-inspectors and 129 fire station officers in Kotturpuram, Chennai on Saturday

(ASHWIN PRASATHI)

WITH just months to go for the Assembly election, Chief Minister M K Stalin on Saturday announced the 'Tamil Nadu Assured Pension Scheme (TAPS)' for state government employees and teachers, guaranteeing a pension equal to 50% of their last-drawn monthly salary.

Employee unions that had threatened to launch an indefinite strike from January 6 have now withdrawn their protest after the announcement.

As per TAPS, which comes after the 23-year struggle of government staff for restoration of the Old Pension Scheme (OPS), the employees will contribute 10% of their basic salary to the pension corpus and the state will bear the rest. Under OPS, the government was bearing the entire pension fund contribution.