Best PracticeRetirement benefits for Casual Employees.Objective:To provide post-retirement financial security to the casual employees of the college (teaching and non-teaching) who are outside government pay-packet system. In addition to salary paid by the College to such casual employees the College intended to contribute in their EPF accounts @12% of salary per month along with 1.61% of salary per month towards administration charges. (As per P. F. law the employees are also required to contribute 12% of salary per month in their EPF accounts.) The benefit goes to the hands of employees retiring from service after completing service of at least 10 continuous years. He/she becomes eligible to receive the lump sum credited in his/her EPF account along with a monthly pension. To ensure that the casual employees are well-prepared for life after retirement. The College has felt the moral obligation to steward the success of casual teaching & non-teaching staff in preparing for retirement. Being aware of the fact that delay in making contribution makes it more difficult to achieve an adequate accumulation of savings later in the employees’ life cycle, our objective is to ensure that the employer's contribution in epf produces a benefit that can sustain our employees through retirement. To provide adequate financial advices also for the new employees to help to ensure that they engage in planning and goal-setting as early as possible in their service period. ContextIn our country, the relationship between employer and employee has changed significantly over the past few decades. One of the greatest changes in this relationship is in the nature of employee retirement. Employees in an organization are considered “on-track” to retire when they have a high probability of being financially prepared to live a relatively similar lifestyle after they stop working. However, when they are casual employees, especially when no retirement benefit is provided, obviously they are at risk of not being able to maintain a similar lifestyle after retirement. When the employer actively works to provide post-work financial security, i.e. when the employees are helped to become more financially secured, that may boost the employees’ performance, they may tend to be more engaged and less stressed during the service period. PracticeEmployees Provident Fund Scheme was launched at Umeschandra College in 2015—16. Before its implementation employment of most of the employees was casual in nature. Those casual employees used to face much financial uncertainty because prior to the academic year 2015— 16 there was no arrangement for any financial benefits for them on retirement and after retirement. (One casual employee had to seriously suffer and die for non-availability of provident fund facility.) In the year 2015—16 the College initiated the process of allotment of Provident Fund code number for the Establishment (College) under Employees Provident Fund & Miscellaneous Provisions Act of 1952. Consequently respective UANs were generated for total 67 TS and NTS during September and November 2016. And the College started remitting the PF dues through Electronic Challan cum Return. Problems encounteredAll employees favour fixed-income options that produce steady rate of return and allow them to predict their retirement income more accurately. However, the problem for the casual staff persists when institutions are less generous in making provident fund contributions in their employees’ accounts and when the contribution rates are inadequate. Even with a generous employer contribution in place, some employees still struggle to build a welfare fund big enough to sustain them through retirement. Some employees are considered “Non-Contributing Participants” i.e. who are not able to make own contributions in epf accounts. Evidence of success: During 2017—18 (July 2017 to June 2018) the payments made by the College toward the EPF contribution was ₹ 9,72,066/- and toward Administration Charge ₹ 68,149/-. During the same period, the employees contributed ₹ 9,64,406/-. The total amount pending from 1st April 2003 to 30th November 2015 was ₹ 23,47,057 only. 50% of this amount was to be contributed by the College and 50% by the employees; but in fact the College undertook to bear 70% of the burden and the employees undertook to pay 30% of ₹ 23,47,057/-. The College also paid interest for non-depositing the contributions and allied dues during 1/4/2003 to 30/11/2015 (₹ 20,33,543/-) considering the financial distress of the casual staff and teachers of the College. Students' Freeships & Benefits from Students' Mutual Aid Fund:Objectives:
Context:In a third world country like India, economic disparity has an ill effect on education. A number of meritorious students coming from poor economic backgrounds find it difficult to bear the fees of higher studies, and are consequently deprived of job opportunities. It is their aspirations, sincerity, and dedication that make them no less deserving than those who are economically well-off. In order to facilitate the regular studies of this poorer section of students and stop the wastage of such valuable human resources, the institution decided to provide financial back-up to those candidates, irrespective of their caste, creed, gender, religion, etc. In this way, we try to bring them into the mainstream of society and bring about an all-round social change. The Practice:Thousands of students get admission every year to this College. However, many eligible candidates find the expense economically burdensome in spite of our affordable fee structure. To pursue their regular studies, these deserving candidates desperately need financial support from the College, which is provided irrespective of their caste, creed, gender, religion, etc, through Students' Freeship and/or financial assistance from Students' Mutual Aid Fund. Students' Freeship: Tuition fees are fully waived off, or reduced considerably. This is done in the final year of study. The entire amount is borne by the college. Students' Mutual Aid Fund: This financial benefit is given in the form of a reduction in other admission fees. The reduction is made up of different amounts as per the different requirements of the students. It is maintained by collecting a certain amount of money from financially sound students at the time of admission. To avail these benefits, students apply to the Principal in written format. After confirmation of the genuineness of their requirements, students are sanctioned with their amounts. In case the money available in SMAF is not sufficient to help many students, the college fulfils the requirements of the students from the Umeschandra College Outright Fund. Evidence of Success:The number of students and amounts utilized by the them during 2017-18, and its previous year 2016—17, are given below. These amounts have helped them in continuing regular studies. These beneficiaries come from all caste, creed and religion. Almost all of them graduated with distinction and chosen their desired career option. Details of Financial Assistances provided to the students
Problems Encountered:
Resources Required:In future Endowment Scholarships (out of interest earned on endowments) may be provided to the students on many different purposes of endowments like scholarship to the meritorious and poor students, sports students, topper of marks from the College, girls topper of marks from the College, etc. This will enhance the students’ quality of study and competitiveness. |
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UMESCHANDRA COLLEGE
ACCREDITED BY NAAC at the "B" level (FEBRUARY 2005)
Affiliated to University of Calcutta