Madras Univ seeks bailout package from state govt
TIMES NEWS NETWORK
Chennai 4.5.2019
: University of Madras which is facing a huge financial crisis has sought a bailout package from the state government. Post the implementation of seventh pay commission the university’s expenditure has increased and pushed it to a financial crunch.
The university has been unable to pay the retirement benefits to the employees for the last one year.“Our monthly expenditure towards salary and pension is around ₹12 crore. But, now it has increased by ₹3 crore per month,” P Duraisamy, vice-chancellor, said. The university convened its syndicate on Friday and in the meeting syndicate members requested the higher education department to give financial aid for the university’s recovery.
“The state government has promised that it would announce a bailout package soon after the elections are over,” a professor said.
TIMES NEWS NETWORK
Chennai 4.5.2019
: University of Madras which is facing a huge financial crisis has sought a bailout package from the state government. Post the implementation of seventh pay commission the university’s expenditure has increased and pushed it to a financial crunch.
The university has been unable to pay the retirement benefits to the employees for the last one year.“Our monthly expenditure towards salary and pension is around ₹12 crore. But, now it has increased by ₹3 crore per month,” P Duraisamy, vice-chancellor, said. The university convened its syndicate on Friday and in the meeting syndicate members requested the higher education department to give financial aid for the university’s recovery.
“The state government has promised that it would announce a bailout package soon after the elections are over,” a professor said.
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