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The Hindu
The Hindu
National
S. Vijay Kumar

University of Madras pays salary from pension fund

The State Government the University of Madras

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.

Also Read | Madras University facing severe staff shortage

According to sources in the university, short-term deposits made from 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 was taken to restore the money to the respective accounts on receipt of the grant-in-aid from the government.

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