University of Madras draws on pension and endowment fund to meet salary expenses
The Forecast 2 years ago Tamil Nadu
University of Madras draws on pension and endowment fund to meet salary expenses
Amid acute financial constraints and a proposal for grant-in-aid pending with the State government, the University of Madras has diluted the Contributory Pension Scheme Fund and Endowment Fund to disburse salary/pension and meet other obligatory expenses for the month of May 2023.
According to sources in the institution, short-term deposits made from the Contributory Pension Scheme Fund and Endowment Fund to the tune of ₹7.6 crore, which matured in May 2023, were utilised to meet the shortfall for salary for staff, retired employees and other expenses. A decision has been taken to restore the money to the respective accounts upon receipt of the grant-in-aid from the government.
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