7th pay panel's implementation benefited 50L employees: Prez
President Pranab Mukherjee, during his address to the joint session of the Parliament on Tuesday, said that implementation of the Seventh Pay Commission's recommendations has benefited 50 lakh employees and 35 lakh pensioners. The interest rate for senior citizens has been fixed at 8% payable monthly for 10 years to safeguard them from interest-rate fluctuations, Mukherjee added.