THE PRIEST

Government of India in the Union Budget 2014-2015, announced the revival of Varishtha Pension Bima Yojana (VPBY) for a limited period from 15th August 2014 to 14th August 2015 for the benefit of citizens aged 60 years and above.Varishtha Pension Bima Yojana (VPBY) will benefit the vulnerable section of society with limited resources as it will provide monthly pension ranging from Rs 500/ to Rs 5,000/ per month to senior citizens of the country. VPBY is like reverse of a normal insurance policy as in case of VPBY, the beneficiary gets an income at the overall rate of 9.38 % per annum on their deposits as they are being paid on monthly basis.The subscription to the scheme is likely to create a corpus of more than Rs. 10,000 crore, and would thus also be a significant source of resource mobilization for the development of the country. Under this revived Varishtha Pension Bima Yojana (VPBY), the senior citizens would get pension on fixed basis either on yearly or monthly basis which wi...

A Committee was set up under the Chairmanship of Cabinet Secretary to look into the issue of 'One Rank One Pension and other related matters'. After considering all aspects of the matter, the Committee did not find it feasible to recommend One Rank One Pension. However, keeping in mind the spirit of the demand, several other recommendations to substantially improve pensionary benefits of Personnel Below Officer Rank (PBOR) and Commissioned Officers were made, which have been accepted by the Government and orders in implementation of all the recommendations have been issued. Implementation of these orders has not only significantly reduced the gap between the past and the current pensioners but has also considerably improved the pension of ex-servicemen including disabled ex-servicemen.