TN varsity creates Rs180 cr corpus for pension payment

TN varsity creates Rs180 cr corpus for pension payment
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First Published: Sun, Nov 11 2007. 12 04 PM IST
Updated: Sun, Nov 11 2007. 12 05 PM IST
PTI
Madurai: The Madurai Kamaraj University has created a corpus Rs180 crore with a view to making a permanent arrangement for payment of pension to its staff members.
Addressing newspersons here last evening, Vice-Chancellor P Maruthamuthu said the administration adopted measures in the last three years to enhance the corpus and the amount had been deposited with the Reserve Bank of India after obtaining permission of the Finance Committee.
“MKU is one of the few universities, having a huge corpus in fixed deposit. Now we need not worry about the pension amount for the next 25 years,” he said.
The exclusive pension fund was created by pooling the money available under various heads in the university account.
Other sources also were tapped to increase the corpus fund from Rs110 crore three years ago to Rs180 crore.
Deposit money from individuals, who managed the distance education centres, were among the sources for creating the corpus fund, he said.
The entire interest from the corpus was spent on pension payment, he added.
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First Published: Sun, Nov 11 2007. 12 04 PM IST