7th Pay Commission, 7th CPC Latest News 2020: Central employees can now operate three accounts under this scheme simultaneously. The first Tier-I account which is mandatory is the pension account, the second Tier-II which has no restrictions on withdrawals and no tax benefit.
Third Tier-II Tax Benefit Account with a lock-in period of three years. If employees contribute in this, they get a tax deduction benefit of up to Rs 1.5 lakh. Explain that in July 2020 of the Central Government, the National Pension Scheme for Government Employees launched Tier II-Tax Saver Scheme.
Earlier, the government has issued an order regarding the pay protection of central employees. The Department of Personnel and Training of the Ministry of Personnel, Public Grievances and Pensions had informed about this by issuing an office memorandum.
According to the memorandum, if the employees are recruited in a separate service or cadre through direct recruitment, then they will be given a pay protection. Employees will get this facility under FR 22-B (1) of Seventh Pay Commission.
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