TAPS: A historic milestone!

There are about 8.22 lakh government employees in Tamil Nadu. Of these, 1.98 lakh are under the old pension scheme and 6.24 lakh are under the contributory pension scheme.
The old pension scheme is in force in Tamil Nadu for employees who joined the service before 2003. According to this, at the time of retirement, 50 percent of the last drawn salary is given as pension. Also, the Dearness Allowance (DA) revisions are automatically applied. This scheme provides financial security to government employees. Due to this, it is highly preferred by them.
But after 2003, the Contributory Pension Scheme (CPS) was implemented for employees who joined the service. In this, the employee and the government contribute 10 percent each and invest it on a market basis. The pension amount is uncertain due to market fluctuations. Due to this, opposition to this scheme increased among government employees. Government employees from all walks of life continued to demand that the old pension scheme be implemented for everyone. Economists published statistical calculations that if the old pension scheme is implemented, there will be an additional financial burden on the government.
However, despite the severe financial crises and financial burdens being faced by the Union Government, Chief Minister M.K. Stalin has made a great deal of joy by announcing the implementation of the ‘TN Assured Pension Scheme’ (TAPS) for government employees and teachers.
He also announced that the new scheme will be implemented to continue providing the pension and various benefits that were available to government employees and teachers under the old pension scheme.
With this, the 20-year-old demand of Tamil Nadu government employees has been fulfilled. There is no doubt that the current announcement, which not only fulfills their hopes but also the hopes of the people, has dispelled the darkness and shed new light.
It has been proven once again that the election promises made by the Dravida Munnetra Kazhagam are not empty words; they are solid votes.
This is a historical milestone!