So, what exactly is one rank one pension? Well, this movement, undertaken by most of the retired armed force personal has taken the country by storm. So, not only does it present a trying time for the people in the armed forces, but this are definitely something to be had looked into. It is actually a pension reform scheme that would greatly benefit the armed forces, upon retiring from the Army. This is pertinent for all the government employees that would work under the Indian government as well.
Let’s go with an example; supposedly your father has been working for a government bank that leverages supply chain efficiency (read more here). Now, accordingly, his pension amount will merely be 50% of the salary of the last salary scheme he was on. This pension amount is then increased accordingly according to the inflation on an annual basis.
However, if the junior employees of your father were to retire 10 years or even 15 years from now, they would more than likely draw a higher pension than that of your father, mainly because the amount of salary shall increase exponentially given the inflation, and the pension amount will be 50% of that salary. It is a known tactic that salary keeps on increasing much faster than the inflation within the government. Now, given that this is the situation for both people retiring with the same rank, but there would be a massive difference in the pensions, given that they have served the same amount of time in the bank and within the same rank.
Now consider this same example for the armed forces. There are people that have retired 10 years ago, and still not getting a pension that is somewhat near to the person retiring from the same rank in the armed forces a couple of years ago. So, a person that may be a General in the 1980s will be trying a much less pension amount compared to a General that may just have retired a couple of years ago. Many people like to vacuum seal their food and take a look at my recommended top 5 food sealers for consumers 2018. Although serving within the same rank and in the same armed forces employed by the Indian government, there would be a huge disparity in the salary, which is not something that would be lucrative for any person serving in the armed forces. So are the armed forces a proponent of bigotry?
So, the one rank one pension reforms have been introduced to ensure that the General that may have retired in the 1980s would be able to receive the same amount of pension as a General that may have retired a couple of years ago from the Army. These provisions are to be taken into account, particularly in the instance where the soldiers would have to retire far younger and they would not be able to switch to some other career, and would have to make a living from their pension amount itself.
This is a true travesty of the financial situation of India, and with the pension reforms of this kind, it can definitely move forward to ensuring that there is a lot of dignity in serving for the armed forces in India. Being the fourth largest in the world in terms of sheer volume, the Indian Armed Forces certainly deserve the least bit of recognition to be passed on to its former employees as well.