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Defence Minister Manohar Parrikar have said that 'one-rank one-pension' policy would be implemented in the defence forces before the next budget.

"One-man one-pension policy will be implemented. We are right now working on its detailing," the Minister said. The implementation has lot of financial implications which are being worked out, he said.

"It has lot of financial implications. Details would be available only once we work it out," Parrikar said.

'One-rank, one-pension' policy means soldiers of the same rank and same length of service get the same pension irrespective of their retirement date. Parrikar said the announcement to implement the policy was made in the last budget.

"Now we will have to implement it. I have kept a target that it will be implemented before the next budget. My effort is to ensure that it should be implemented as soon as possible. My target is that it should not wait for the next budget," he said.

It is expected that the  one rank, one pension will push up the Centre’s defence pension payments by a record 40 per cent.

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