Good News For Govt. employees Regarding Pension Account Under 7th pay Commission

New Delhi : This is important news for central employees. The government has issued a new guideline regarding pension. It clarifies that if an employee contributes to the National Pension Scheme (NPS), he can open another pension account under this scheme. This guideline has been issued by the Pension Fund Regulatory and Development Authority (PFRDA). This decision of the government will benefit millions of employees of the country.

Under this, employees will now have the option of more than one pension scheme. They can operate three pension accounts. The first is a Tier One account which is considered mandatory. This is mainly a pension account. Second tier to account, where there is no restriction on withdrawal of funds. However, no tax benefit is available on this. Tier three account comes in third order. Its specialty is that it is an account with a lock-in period of three years. If the employee gives contribution in this account, then he is given the benefit of tax deduction of up to Rs 1.5 lakh in line.

The central government started the National Pension Scheme Tier to Tax Saver Scheme for government employees in July 2020 ie last month. Recently, the government had issued an order regarding the Protection of Pay for the salary security of central employees.

DoPT, Department of Personnel and Training, Ministry of Personnel, Public Grievances and Pensions, issued an order in this regard by issuing an office memorandum. Accordingly, if an employee gets recruited in a separate service area or cadre through direct recruitment, then he will be given a pay off protection. This facility will be given to employees in accordance with the FR22-B (1) rule of the Seventh Pay Commission.