The One Rank One Pension scheme, brought in last November to benefit more than 2.5 million ex- servicemen and war widows, on Wednesday received ex-post facto approval from the Cabinet.
Under the scheme, pension would be revised on the basis of the pension of retirees of calendar year 2013 and the benefit will be effective from July 1, 2014.
In future, the pension would be revised every five years.
“The Financial implications on account of grant of OROP would be Rs. 10,925.11 crore for payment of arrears and annual financial implication would be Rs. 7,488.7 crore,” a statement here said.
[Source:- The Hindu]