Delhi University (DU) teachers protested outside UGC on Wednesday, demanding the commission’s intervention to solve the pension issue and let affected employees shift from CPF to GPF.
One who avails cumulative provident fund (CPF) is given a lump sum amount at the time of retirement and cannot get pension unlike general provident fund (GPF) scheme which entitles a monthly pension after retirement.
The issue dates back to 1987, when the University Grants Commission (UGC) issued an official memorandum saying that the pension scheme for DU teachers will be changed to a monthly scheme and money will be deducted from employees’ salaries for payment towards a GPF unless they opt for CPF. UGC had given teachers five months between May and September 1987 to give their decision in writing. DU, however, granted several extensions to the teachers for changing their option.
However, some teachers did not avail the opportunity and chose the benefits of CPF scheme for several years after 1987.
One who avails cumulative provident fund (CPF) is given a lump sum amount at the time of retirement and cannot get pension unlike general provident fund (GPF) scheme which entitles a monthly pension after retirement.
The issue dates back to 1987, when the University Grants Commission (UGC) issued an official memorandum saying that the pension scheme for DU teachers will be changed to a monthly scheme and money will be deducted from employees’ salaries for payment towards a GPF unless they opt for CPF. UGC had given teachers five months between May and September 1987 to give their decision in writing. DU, however, granted several extensions to the teachers for changing their option.
However, some teachers did not avail the opportunity and chose the benefits of CPF scheme for several years after 1987.