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Effect of Separation from the Service as a Result of this Act. - Any official or employee of the Presidential Council for Youth Affairs created under Executive Order No. 274 or any other personnel of the national or local government separated from the service as a result of the operation and effect of this Act may be absorbed, if qualified, by the Commission for the good of the service, or where qualified therefor, may opt to transfer to another office or elect to apply for separation pay or retirement benefits: Provided, That the official or employee who may be absorbed by the Commission shall not suffer any loss or diminution of pay, seniority or rank: Provided, further, That benefits for separation or retirement of an official or employee of the Presidential Council for Youth Affairs shall be derived from the funds of said Council transferred to the Commission.
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