E-Paper
Panjab University syndicate to take up recovery of excess interest on provident fund
The recovery of excess was not done in cases where employees had already retired when the syndicate, in 2015, decided that the rate of interest on provident fund for PU employees will be the same as the govt rate
Panjab University (PU) syndicate in its upcoming meeting on September 27 will take a decision on waiving off the recovery of excess interest amount from around 195 subscribers of provident fund (PF) and general provident fund (GPF) who have retired from the varsity.
The amount of excess interest paid to them totals at ₹24,53,067. The recovery of excess in the amount was not done in these cases, as the employees had already retired when the syndicate, in 2015, decided that the rate of interest (on provident fund) for PU employees will be the same as the rate declared by the government.
The matter has been already considered by the varsity’s board of finance (BoF), which recommended that no recovery can be made from an employee who has already retired from the service.
Until the financial year 2015-16, the interest to GPF/CPF subscribers of PU was declared on the basis of actual interest earned from GPF/CPF corpus with the permission of syndicate. Depending on the actual interest earned on corpus, the rate of interest approved by the syndicate used to vary on a year-to-year basis.
However, the syndicate in 2015 decided that the rate of interest for PU employees will be the same as the rate declared by the government and the decision was made retrospectively from 2013-14 financial year.
As a result, the interest amount to subscribers was recalculated and the resultant difference was adjusted from the respective balances of the account. However, in cases where employees had already retired, differences in amount were not adjusted.
Agenda related to GMCH-32
The varsity syndicate will also take up the matter related to the proposed amendment in the eligibility criteria for admission to MPhil Clinical Psychology course at Government Medical College and Hospital, Sector 32 (GMCH-32).
Syndicate will also consider the rules and regulations of BSc Nursing (semester system) at GMCH-32, as per the recommendation of the varsity’s mechanism committee.
The syndicate, the varsity’s executive body, will have a total of 22 items for consideration on its agenda.
