PGP 2008 endows higher education and welfare fund

The class of PGP 2008 instituted an endowment for Rs 31.50 lakhs as part of their giving back to their alma mater on the occasion of their 10th year reunion celebrations. The batch wishes to institute an endowment titled “Class of PGP 2008 Higher Education and Welfare Fund” that will provide Education scholarships to the children of staff at llMB and meet medical emergency expenses in case the scholarship gets unutilized in a specific year.

Higher Education has been defined as Class Xl or equivalent and above, Bachelor’s degree in any subject, diploma in engineering or any other subject duly recognized by any government authorized body. Certification courses shall not be a part of higher education.”

Staff” of llM Bangalore, refers to permanent staff, contracted and sub-contracted employees who have been working in llMB, directly or indirectly, for least one year. Family income of the staff member shall not exceed Rs 6 lakhs per annum. Family income shall include income earned by the spouse.

lnterest earned @6% of the endowment shall be used for the following purposes –

  • Providing student scholarships for higher education every year as per the eligibility criteria as defined in this MoU.
  • Option to use any unutilized amount to meet the medical emergencies as defined in this MoU.
  • Any unutilized funds remaining after meeting point L and 2 shall be added back to the endowment.

Eligibilitv Criteria

A. For higher education scholarship:

  1. Students applying for this scholarship shall have to meet the following criteria
  2. A minimum of 60% or equivalent CGPA in the immediately preceding academic year of seeking the scholarship.
  3. Scholarship to any student shall not exceed Rs. 50,000 in a year.

The lnstitute will have the right to review this upper limit and increase it in case of truly deserving candidate.

B.Medical emergency assistance:
Unutilized funds after meeting the requirements of scholarships can be used to reimburse the expenses incurred against medical emergency expenses as per the criteria given below

  1. Reimbursement of medical expenses applicable only to the employee, spouse and children.
  2. The expenses shall have been incurred during the one year period prior to the last date of submission of the application.
  3. Medical expenses would apply only towards uninsured hospital expenses including cost of medicines.
  4. Total reimbursements not to exceed Rs. 30,000 per family per year.

“We are very excited to be launching the ‘Class of 2008 Higher Education and Welfare Fund’ in collaboration with our Institute, that will provide scholarships to children of staff at IIMB, an initiative proposed by our batch itself. We are happy to have used our 10th Year Reunion as the anchor for this Giveback initiative.  The Institute has a professional team managing the Giving process, that makes the entire process simple and easy to execute,” remarked Deepa N Swamy, the batch representative who is the cofounder of FlexiBees, and lives in Singapore.