India, Dec. 18 -- US President Donald Trump on Wednesday (local time) announced plans to award 1.45 million service members of the US military $1,776 payments, to be known as "Warrior Dividend".

The figure of the payment, expected to be made before Christmas, represents 1776, the year the United States declared its independence from Great Britain. The country is celebrating the 250th anniversary of the event next year.

"Military service members will receive a special - we call Warrior Dividend - before Christmas, in honour of our nation's founding in 1776," Trump said in his address to the nation.

The Warrior Dividend will be paid to active-duty and reserve service members ranked O-6 or below, who were on active-duty orders for at leas...