The Universities Provident Fund (UPF) was established in terms of provisions in Sections 89 – 96 of the Universities Act No. 16 of 1978. The key objective of the Fund is to ensure retirement benefits for the members of the UPF.
Accordingly member of the Provident Fund contribute 10% of the earnings to the Universities Provident Fund and at the same time employer makes a contribution of 15% of the Fund. University Grants Commission established a Pension Scheme which is optional for employees who were in service prior to 1 for employees appointed after this date. In respect of the members who joined the Pension Fund, employer’s contribution of 15% of the earnings splits into two components viz. 7% and 8%. This component of 8% is contributed to Pension Fund and 7% is contributed to the Universities Provident Fund.
|Total Membership as at 31st December||31,528||32,798||32,689||33,180||33,563|
|No. of Refunds||2,544||2,302||2,847||2,663||2,349|
|Refunds Value (Rs.Mn)||866.9||961.3||1,002.0||997.3||1,031|
|3.||Fund Balance ( Rs.Mn||13,761.3||15,515.1||16,906.6||18,502||20,832|
|4.||Loan Granted during the year (Rs. Mn)||695.1||640.1||708.8||858.8||784|
|5.||Total Investments (Rs.Mn)||9,890.6||11,290.5||12,547||13,582||15,692.2|
|6.||Invest Income (Rs. Mn)||1,207||1,627.4||1,553.8||1,560.6||1,751.1|
|7.||Tax Paid (Rs.Mn)||121.9||164.3||155.3||124.8||141|
|8.||Contribution (Rs. Mn)||1,122.20||1,147.50||1,161.1||1,354.3||1,566.6|
|9.||Declared Interest - On Opening Balance||12%||15.5%||10.5%||9.5%||11%|