The final modalities are being worked out and once implemented it will be the first time that such a fund will be introduced in the university.

A brainchild of Vice-Chancellor Professor R C Sobti, the fund will benefit those employees who have opted out of the pension scheme. There are many serving employees, especially from the non-teaching staff category, who have given in writing that they want no pension after retirement as they fear fund-starved PU will have no money left to pay them off. They are at present drawing the pension money as part of their salary.

Talking to Newsline, Prof Sobti said: “I always wanted to have a fund for the welfare of the faculty. The proposal was placed at the meeting of the board of finance where it was approved. With final modalities falling into place, we will soon start contributing to the fund.”

The contribution amount has been kept low at Rs 100 so that the faculty members don't feel the pinch, according to officials. The amount may, however, be increased later.

The fund has been welcomed by the PU faculty. “It is a great move which will help us save money,” said Prof Keshav Malhotra.