This is great news for all servicemen and ex-servicemen, after so many years of court battle, finally they get their due. This brings a 10% hike in the defence budget.
In his interim budget speech, Finance Minister P Chidambaram announced that the defence budget was being raised to Rs. 2,24,000 crore.
"Rs. 500 crore will be transferred in 2014-15 for implementing the one rank one pension decision," he added.
Under the "one rank, one pension" rule, retired soldiers of the same rank and length of service will receive the same pension, regardless of when they retire. Currently, pensioners who retired before 2006 receive less pension than their counterparts, even their juniors.
Wish daddy was alive today to see this, as he had been waiting for this announcenent for so long, anyway my mom will benefit as part of family pension, which she draws in my father's absence.