Pension funds utilized only after obtaining permission from the authorities concerned: UoM clarifies

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Mysuru, July 25, 2022 (www.justkannada.in): University of Mysore Vice-Chancellor Prof. G. Hemanth Kumar, Registrar Prof. R. Shivappa and Finance Officer Sangeeta Gajanan Bhat have issued a joint press release stating that the University’s pension amount has not been misused, and it has been utilized only after obtaining the permission of the authorities concerned.
The press release read, it will be refunded to the LIC Management Fund after getting the funds from the government. The pension amount has not been used for any works of the University. We have requested the State Government several times already to release pension amount completely.
“There are 1820 pensioners in the University of Mysore. About 5 to 6 employees are getting retired every month. Hence, a sum of Rs. 6 crore is being spent for pension every month on an average. During 2021-22, 57 employees (teaching and non-teaching) will retire. Hence, a request was submitted for a sum of Rs. 91.47 crore to pay towards the monthly pension amount and other retirement benefits of the employees.
However, the State Government has released only a sum of Rs. 44.16 crore in the 2021-22 budget. An additional sum of Rs. 47.30 crore has been spent for pension and retirement benefits, which has been utilized from the LIC Management funds. A total sum of Rs. 91.46 crore is spent during the year 2021-22, the press release read.