Union Finance Minister P Chidambaram on Monday announced ten percent hike in the Defence allocation and said the government has adopted the one rank, one pension principle for the defense forces.
Presenting the Interim Budget 2014-2015 in Parliament, Chidambaram, said that an allocation of Rs. 224,000 crore has been made for defence as against Rs. 203,672 crore in the last Budget.
He also announced that the Government has accepted the principle of 'one rank one pension' for the defence forces and has allocated Rs. 500 crore for this purpose.
The scheme aims at uniform pension for all the defence pensioners of same rank and same length of service regardless of when they retire. It is supposed to provide benefit to around 30 lakh defense pensioners.
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