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.
The sources said the university had a monthly recurring expense of about ₹18.61 crore in the form of salary to 779 teaching and non-teaching staff, pension to 1,463 retired teaching and non-teaching staff and family pensioners, payment for temporary staff, security service, electricity etc., There was no response yet on the proposal seeking grant-in-aid for ₹18 crore to meet these expenses for the month of May 2023 sent to the Principal Secretary, Higher Education Department.
