New Delhi: 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 Union 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 Union Cabinet has given its ex-post facto approval for implementation of OROP. Financial implications on account of grant of OROP, including pre-matured retiree cases, 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.
Information is being gathered for processing on priority basis the cases of 1.15 lakh pensioners after filling in the gaps in information such as the length of service, it said.
Last month, the government had announced that it has credited revised pensionary benefits along with arrears under One Rank-One Pension scheme to more than 2 lakh pensioners drawing service and disability pensions.