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Important highlights of OROP. The One Rank One Pesnion Scheme will be effective from July 1, 2014. Defence personnel who voluntarily retire will not be covered under the One Rank One Pension (OROP) scheme. Arrears will be paid in four half-yearly installments. All widows, including war widows, will be paid arrears in one installment. The pension would be re-fixed every five years. The estimated cost of OROP implementation to the exchequer would be Rs 8,000 to Rs 10,000 crore. Expenditure on arrears would be between Rs 10,000 to Rs 12,000 crore. Image Courtesy NDTV

CNN IBN is reporting that there would be OROP announcement today @ 3PM by Defence Minister  Few pointers: OROP will be implemented from July 1, 2014 with Financial Year 2013-14 as the base year. The Centre will also set up one-member judicial commission to find out any anomaly and it will submit the report within six months. OROP will be reviewed every 5 years. Source