Tamil Nadu Launches OPS-Like Pension Scheme for Employees, Teachers

• Tamil Nadu's DMK government implements "Tamil Nadu Assured Pension Scheme" (TAPS) for government employees and teachers, fulfilling a 20-year demand.
• TAPS offers benefits similar to the Old Pension Scheme (OPS), including 50% of last basic salary as pension and DA hikes twice a year.
• Scheme includes family pension (60% of pension), gratuity up to ₹25 lakh, and minimum pension for those not completing full service.
• The decision, announced by CM M. K. Stalin, addresses employee union demands and comes ahead of assembly elections, reflecting the 'Dravidian Model'.
• Implementation requires ₹13,000 crore one-time and ₹11,000 crore annually, providing significant financial security.

Why It Matters: Tamil Nadu's TAPS offers OPS-like benefits, securing financial future for employees and teachers.