Highlights of One Rank One Pension announced by Govt today

Highlights of One Rank One Pension announced by Govt today as per Defence Minister Mr.Manohar Parrikar’s Press Conference

Defence minister Manohar Parrikar said on Saturday that the government has decided to implement the “one rank, one pension” scheme.

Here is the highlights of Parrikar’s announcement on the OROP:

1. OROP will be implemented from July 1, 2014 and the base year would be 2013.

2. The estimated cost to implement OROP would be between Rs 8,000 crore to Rs 10,000.

3. Pension of ex-servicemen will be revised every five years.

4. Re-fixed pension will be the average of minimum and maximum pension in 2013.

5. OROP arrears to be paid in 4 half-yearly installments.

6. Those drawing pensions above the average will be protected.

7. A one-member judicial committee will be constituted. It will give reports on equalisation period in 6 months.

8. Personnel who retire voluntarily will not be covered under OROP scheme.

source: Times of India