What is One Rank One Pension (OROP)?

On 26 February 2014, the ministry of defence defined OROP and the following definition was communicated to the chiefs of the three services, “OROP implies that uniform pension be paid to the Armed Forces personnel retiring in the same rank with the same length of service irrespective their date of retirement and any future enhancement

Government rolls out OROP scheme

The government on Saturday decided to implement the ‘one rank, one pension’ scheme for veterans of the armed forces. Over 25 lakh veterans would benefit from the implementation of the OROP scheme. OROP intends to ensure uniform pension payments to ex-servicemen who served at the same rank and for the same amount of time, regardless

CENTRE RELEASES RS.2,000= CRORE FOR EMPLOYEES’ PENSION SCHEME

The centre has released Rs.2,000= crore to employee’s Pension Scheme as its contribution for the year 2015-16. This contribution is in addition to the Rs.250= crore contributed by the government as grant-in-aid in the Employees’ Pension Scheme, 1995 for providing minimum pension of Rs.1,000= to pensioners under the scheme. source: THE FINANCIAL EXPRESS,NEW DELHI, 1-09-2015,

WHAT DOES ONE RANK ONE PENSION MEAN?

OROP means payment of uniform pension to military personnel retiring in the same rank with the same length of service. irrespective of their date of retirement. In addition, any further enhancement in pension rates to be automatically passed on to past pensioners. THE JUSTIFICATION OF DEMAND: Military personnel retire much earlier, jawans retire at 35

NRIs TO JOIN NATIONAL PENSION SYSTEM

PFRDA is keen to attract non resident Indians to join the NPS. The chairman of PFRDA said that NRI’s are very attractive market for NPS. Talks are being held with State bank of India, Federal Bank, Canara Bank and Indian Bank to enrol NRI’s for NPS. Earlier there was some ambiguity regarding NRI’s investing in

ATAL PENSION YOJNA’S SALIENT FEATURES

To encourage the workers in unorganised sector to voluntarily save for the retirement, the Government had started  the Swavalamban Scheme in 2010-11. However,the coverage under the scheme is inadequate due to lack of clarity of pension benefits. The Finance minister has, therefore,announced a new initiative called Atal Pension Yojna (APY) in his budget speech 2015-16.

EPFO  Suspends  Rs.1,000 Minimum  Monthly Pension Scheme

Retirement  fund body EPFO has suspended the Rs.1,000=  minimum monthly pension scheme from this month. The decision will hit 32 lakh pensioners.The scheme was launched with effect from September 2014. The pension amount was hiked to a flat Rs.1,000= per month for those who were getting lower amount earlier. It is learnt that the EPFO

Cic Fines Delhi Govt Official Rs.25,000 For Withholding Pension Information

The central information commission has slapped a penalty of Rs.25,000= on a Delhi government official for not giving information related to the pension status of a 70 year old woman. The commission has also asked for compensation of Rs.5,000= to be paid to her. Taking a stern view of laxity in implementing his order on

Freedom Fighter Pensioners To Decide Which Bank To Opt For

MHA Withdraws Its Controversial Order On SBI The Union Home Ministry  withdrew its March 5 order that had divested  State Bank of India of its role in disbursing pensions to 12,000 freedom fighters. However, SBI will no longer have a monopoly in disbursing the said pension. The pensioner can now opt for any of the

Changes as per Insurance Laws (Amendment) Bill, 2015

Insurance Laws (Amendment) Bill, 2015 amend the Insurance Act, 1938 and the General Insurance Business (Nationalisation) Act 1972 and the Insurance Regulatory and Development Authority Act, 1999. It provides for raising FDI cap in insurance sector from 26% to 49%. 1- The foreign equity cap in insurance sector is increased to 49 per cent as