Economy
7th Pay Commission recommends OROP for civilians, armed forces
In what may result in 'One Rank One Pension' (OROP) for all, the 7th Pay Commission on Thursday recommended a revised pension formulation for employees of civil government, Central Armed Police Forces, as well as defence personnel to bring "parity between past pensioners and current retirees with same length of service", retiring before January 1 next year.
 
It, however, refrained from using the term OROP for it.
 
"The Commission recommends a revised pension formulation for civil employees including CAPF personnel as well as for Defence personnel, who have retired before 01.01.2016," an official statement said after the 7th Pay Commission submitted its recommendations to the finance ministry.
 
"This formulation will bring about parity between past pensioners and current retirees for the same length of service in the pay scale at the time of retirement," it read.
 
"The past pensioners shall first be fixed in the pay matrix being recommended by the Commission on the basis of pay band and grade pay at which they retired, at the minimum of the corresponding level in the pay matrix.
 
"This amount shall be raised to arrive at the notional pay of retirees, by adding number of increments he/she had earned in that level while in service at the rate of 3 percent," it said.
 
The statement further said: "In the case of defence forces personnel, this amount will include military service pay as admissible."
 
This comes after the defence ministry announced OROP for defence personnel, which was dismissed by protesting veterans.
 
Retired personnel of CAPFs also staged a protest at Jantar Mantar recently demanding OROP.
 
An agitation by veterans, who called the defence ministry's scheme 'one rank five pension' continues at Jantar Mantar in the national capital and in several other cities across the country.
 
Col. Anil Kaul (retired), spokesperson of the Indian Ex-Servicemen Movement (IESM), said the question was not of "parity" but that the armed forces must have an edge over others.
 
"Go ahead and give OROP to all... The question is not of parity, armed forces must retain its edge," Col. Kaul said.
 
"Increase the pension for armed forces to 90 percent (of last salary) for the JCOs and ORs and 70 percent to officers," the veteran said.
 
The 'Military Service Pay', which is a compensation for the various aspects of military service, was recommended to be doubled, and the panel also suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
 
For a serving officer, the MSP has been recommended to be increased from present Rs.6,000 to Rs.15,500.
 
It also recommended that the allowances relating to risk and hardship shall be governed by the newly proposed nine-cell risk and hardship matrix.
 
The commission also suggested increasing current monthly Siachen allowance from present the Rs.21,000 to Rs.31,500 for service officers and Rs.21,000 from the present Rs.14,000 for JCOs and ORs.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Obama names Indian-origin Swati Dandekar as ADB director
President Barack Obama has nominated India-born Swati A. Dandekar, a Nagpur and Bombay University alum, to be United States director of the Asian Development Bank, with the rank of ambassador.
 
The nomination of Dandekar who will replace Robert M. Orr was announced by the White House along with eight other key Administration posts:
 
"I am confident that these experienced and hardworking individuals will help us tackle the important challenges facing America, and I am grateful for their service. I look forward to working with them," Obama said
 
Dandekar, who received a BS from Nagpur University and a Post-Graduate Diploma from Bombay University, is a former Iowa state legislator and member of the Iowa Utilities Board, according to her White House biography.
 
She served on the Iowa Utilities Board from 2011 to 2013. Prior to joining the Utilities Board, Dandekar served in the Iowa State Senate from 2009 to 2011 and in the Iowa State House of Representatives from 2002 to 2008. 
 
From 2000 to 2003, she was a member of the Vision Iowa Board of Directors. Dandekar also served on the Linn-Mar Community School District Board of Education from 1996 to 2002 and was a member of the Iowa Association of School Boards from 2000 to 2002. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Kudankulam n-unit to restart from December 25
India's atomic power company Nuclear Power Corporation of India Ltd has breached its target of restarting a unit at Kudankulam on November 19 and has now fixed revised target as December 25, 2015.
 
According to sources, the commissioning of the second unit is expected to happen at the end of 2016.
 
The start up process for second unit's approach to criticality is expected to happen during the first quarter of 2016-2017, the NPCIL said on Thursday.
 
According to Power System Operation Corporation Ltd (POSCO), the first 1,000 MW nuclear power unit at Kudankulam was expected to restart in December 2015.
 
The unit has breached several restart deadlines after it was shut down for annual maintenance in June 2015 for 60 days.
 
Anti-nuclear power activists said NPCIL loses around Rs.8 crore per day due to shut down of Kudankulam unit.
 
The NPCIL at an outlay of Rs.17,000 crore is setting up two 1,000 MW Russian reactors at Kudankulam in Tirunelveli district, 650 kms from Chennai.
 
The first unit attained criticality, which is the beginning of the fission process, in July 2013.
 
Subsequently it was connected to the southern grid in October 2013.
 
However, commercial power generation in the unit began on December 31, 2014.
 
Operating at full capacity the unit supplies power to Tamil Nadu (562.50 MW), Puducherry (33.50 MW), Kerala (133 MW), Karnataka (221 MW) and Andhra Pradesh (50 MW).
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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