7th Pay Commission latest news today: Modi government makes big announcement about pension of 20.6 lakh ex-servicemen

7th Pay Commission latest news today: Central government has given an important news concerning pension of 20.6 lakh veterans of the armed forces in the Indian Army. 

ZeeBiz WebTeam | Nov 10, 2020, 02:53 PM IST

The government informed that under One Rank One Pension (OROP) scheme, the government has spent Rs 42,700 crore on these ex-servicemen. The information was shared by Defense Ministry on Friday.  

 

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7th CPC-OROP

7th CPC-OROP

The ministry informed that Rs 7123.38 crore annually is spent on pension under OROP, while since July 1, 2014, the government has spent Rs 42,740.28 crore on ex-servicemen in six years.  Spurce: IANS 

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OROP beneficiaries

OROP beneficiaries

"The yearly recurring expenditure on account of OROP is about Rs 7,123.38 crores and for about six years starting from 01.07.2014, the total recurring expenditure worked out to approximately Rs. 42,740.28 crore. OROP beneficiaries also got the benefit of fixation of pension under 7th CPC while calculating the pension by a multiplication factor of 2.57," said Ministry of Defence in a statement. Source: PTI

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Pension Holders

Pension Holders

Under 7th Pay Commission, the benefits of pension are given to ex-servicemen/ family pension holders.  Prime Minister Narendra Modi shared this information on tweeter. As per the tweet, the government had fulfilled the four-decade long-pending demand of OROP. Source: PTI 

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OROP Decision

OROP Decision

The historic decision to implement OROP was taken on November 7, 2015. The order covers all ex-servicemen who had retried before June 30, 2014.  Source: IANS

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Government Proposal

Government Proposal

Meanwhile, the government has sent a proposal regarding increase in retirement age of army officers. Currently, army officers are entitled to full pension on retirement after 20 years of service. Source: Reuters