The Indian government on Tuesday unveiled a new scheme called “Agnipath” for the recruitment of soldiers in the Army, the Navy and the Air Force, largely on a short-term contractual basis, with an aim to cut the ballooning salary and pensions bill.

Union Defence Minister Rajnath Singh announced the new scheme at a media briefing, shortly after the Cabinet Committee on Security approved it.

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“The Agnipath recruitment scheme is a transformative initiative that will provide a youthful profile to the armed forces,” Singh said.

The revolutionary changes in the recruitment process will see the induction of the soldiers initially for a period of four years and some of them would be retained.

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Here are 5 benefits that come along with the new scheme. Check details:

a. People between the age of 17.5 years and 21 years will be inducted into the armed forces as Agniveers for 4 years. More than 46,000 Agniveers will be recruited this year.

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b. Reports state that the ‘Agniveers’ will be paid a monthly salary of Rs 30,000 to Rs 40,000. They will also get an insurance cover of Rs 48 lakhs during the period.

c. The Educational qualification for Agniveers will be the same as the criteria for regular positions in the force. As per the prescribed criteria, the force will try to give a class 12 certificate to the class 10 student who joins as an Agniveer.

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d. On completion of the four-year tenure, about 25 percent of the Agniveers will be enrolled in the armed forces as regular cadres for a minimum period of 15 years.

e. The Agniveers will be given Rs 11.71 lakhs as Seva Nidhi Package on exiting, which will be exempt from Income Tax.