One Rank One Pension Revision 2022: Cabinet's approval to benefit 25.13 lakh pensioners — Check estimated increase, arrear details, implementation date, eligible beneficiaries, Table
One Rank One Pension scheme, OROP Revision 2022, Table: The Union Cabinet headed by Prime Minister Narendra Modi on Friday approved the revision of pension of armed forces personnel and their family pensioners under 'One Rank One Pension' (OROP) scheme with retrospective effect from July 1, 2019.
As per the revision, pension of past pensioners would be re-fixed on the basis of average of minimum and maximum pension of defence forces retirees of calendar year 2018 in the same rank with the same length of service.
After the Cabinet's approval of OROP revision, PM Modi asserted that his government is committed to the welfare of armed forces personnel, and tweeted: "Our military, engaged in the service of the nation, is a symbol of people's pride. Our government is committed to their welfare. Keeping this in mind, the Union Cabinet has approved pension revision under OROP for ex-servicemen and their families."
One Rank One Pension scheme: OROP Revision Beneficiaries
The armed forces personnel who retired up to June 30, 2019 (excluding pre-mature retired - PMR) with effect from July 01, 2014, will be covered under this OROP revision.
The decision will benefit around 25.13 lakh pensioners. A PIB note stated that the benefit would also be extended to family pensioners, including war widows and disabled pensioners.
The arrears will be paid in four half-yearly instalments, the note added. Notably, all the family pensioners, including those in receipt of special or liberalised family pension and Gallantry Award winners, shall be paid arrears in one instalment.
One Rank One Pension scheme: Rank-wise likely estimated increase in service pension under OROP - with effect from July 01, 2019
(Courtesy: PIB)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Looking for short term investment ideas? Analysts suggest buying these 2 stocks for potential gain; check targets
Small SIP, Big Impact: Rs 1,111 monthly SIP for 40 years, Rs 11,111 for 20 years or Rs 22,222 for 10 years, which do you think works best?
SBI 444-day FD vs PNB 400-day FD: Here's what general and senior citizens will get in maturity on Rs 3.5 lakh and 7 lakh investments in special FDs?
SCSS vs FD: Which guaranteed return scheme will give you more quarterly income on Rs 20,00,000 investment?
04:17 PM IST