Chennai, Jan 3 (NationPress) Chief Minister M.K. Stalin of Tamil Nadu unveiled a new Tamil Nadu Assured Pension Scheme (TNAPS) for state government employees and teachers. This initiative is projected to create an additional annual financial obligation of approximately Rs 11,000 crore for the state's finances.

This announcement follows prolonged requests from government employees and educators for the reinstatement of the Old Pension Scheme (OPS).

Prior to the 2021 Assembly elections, the DMK had committed to restoring the OPS if they gained power.

However, nearly four and a half years into their term, the government has not honored that pledge, resulting in rising dissatisfaction among employees and teachers.

The situation intensified recently, with several employee and teacher organizations declaring an indefinite strike starting January 6, making pension reform a key demand.

As elections approach, the government seems to have acted quickly to alleviate tensions by introducing a new pension structure that purportedly includes vital elements of the old system.

According to the Chief Minister, the newly unveiled Assured Pension Scheme offers improved financial security for retirees while promoting long-term fiscal stability for the state.

Eligible state government employees will receive a pension equivalent to 50 percent of their last drawn monthly salary.

The state government will cover the entire additional financial responsibility for the pension fund, alongside the employee's 10 percent contribution.

The scheme also accommodates periodic dearness allowance (DA) adjustments, similar to those provided for current government employees.

Pensioners are set to receive DA increments every six months, ensuring that pensions align with inflation.

In the event of a pensioner's passing, 60 percent of the last drawn pension will be allocated as a family pension to the designated nominee or eligible family members.

Additionally, upon retirement or in the event of death during service, government employees will be eligible for a gratuity of up to Rs 25 lakh, determined by their length of service.

A notable aspect of the scheme is the provision of a minimum pension for employees retiring without completing the qualifying service period after the new scheme is enacted, ensuring that no retiring employee is left without basic pension support.

The government has also announced special compassionate pensions for those who entered the Contributory Pension Scheme (CPS) and for those who retired during the interim phase without receiving any pension prior to the implementation of this new assured scheme.

Through the introduction of TNAPS, the DMK government aims to address employee grievances while navigating fiscal limitations, although opposition parties and employee unions are closely examining whether the new scheme genuinely matches the benefits of the Old Pension Scheme that many are still advocating for.