Ex-students chip in to attract best faculty for IIT Bombay

In the last few years, close to Rs 4 crore has been disbursed to 187 faculty members who have joined IIT Bombay as part of an initiative to attract the best talent. To help the institute sustain this scheme, the 1988 batch has decided to fund the initiative as part of its legacy project. The class of 1988, which is getting together on December 27 for its silver jubilee reunion, has pledged Rs 2.5 crore towards the legacy project.
Under the "new faculty sign-on bonuses", started few years ago, a joining bonus of Rs 4 lakh is given to every new member hired at IIT Bombay over four years. According to figures by the IIT Bombay Alumni Association (IITBAA), Rs 3.95 crore has been disbursed so far to 187 newly joined faculty members.
"Taking into account the competition from other IITs and the eroding value of money due to inflation, this project has given a distinctive edge to IIT Bombay in its recruitment process and has helped hire top-notch young faculty. Former students have helped the institute tremendously by supporting this project," said Bakul Desai, chairman of the board of directors, IITBAA.
Another initiative that they will support is the retired faculty wellness fund. While the coverage currently is Rs 1.5 lakh per year for faculty and spouse, the former students are looking at increasing it to Rs 2.5 lakh with their contribution. The policy covers a "closed group" of over 200 faculty, their spouses and spouses of deceased faculty as well as those who retired before 2004, when no medical coverage was offered to faculty post-retirement.
"There are some good initiatives being run by the institute and hence, we felt that there was no need to come up with a new project. We decided to fund the ongoing projects," said Kiran Shesh, alumnus from the 1988 batch and member of IITBAA's executive board.

Comments

Post a Comment

Popular posts from this blog

Kota Topper Story: Shitikanth IIT JEE 2008 Topper

Image
I gave JEE in 2009 and used to hear about this "topper" guy from the 2nd floor of my hostel. Topper of A1. I didn't pay too much attention. Then one day after my dinner my friends asked me if I noticed who was sitting next to me during the meal. I said no. They said it was the same guy. I didn't care much there either. I saw him for the first time in a cricket field. The lean stick-figure boy who didn't speak much. He had a ball in his hand and a single electric pole was being used as the wicket. I was fielding. I saw him bowl and all my senses absorbed after that was the clattering sound of the ball on the pole. That's when I was introduced Sitikanth. And the stories began! Once during class, V K Bansal (THE BANSAL of Bansal Classes) told us a story of when 2 weeks before JEE Sitikanth came to him, dejected and confused. Saying he had nothing to do. Bansal Sir gave him the toughest integration problems he had, thinking this should be enough to keep him a
More IIT and JEE preparation news >>

The Most Brilliant Students of Kota Ever

Image
Anuj Nagpal(AIR 190):  This guy was the most intelligent person I ever met. In hostel, he was one of the most fun loving guys, he only used to do the assignments of mathematics (only because it was taught to us by the director of the coaching). Though I was not in his hostel but my closest friends were in his hostel and used to tell me all the stuff they did at night. Late night chats, discussion about random things (which had no relation with JEE at all). There was a time when all feared Nagpal and used to say "Nagpal is gonna come and he is going to spoil our full night." That guy was much different from all other people I have ever met.  He got an AIR 190 only because we weren't taught inorganic chemistry, else he would have got much better rank than this.  He is AIR190 in JEEAdv 2014, AIR190(State rank 2) in JEEMain 2014, BITSAT score-398, CBSE 12th %- 97.6. Rajdeep(AIR 1700 in first attempt, AIR 1200 in second attempt):  This was the coolest guy I ever met, studie
More IIT and JEE preparation news >>

How much You can get by Selling your IIT JEE RANK ??

Image
Shubham Tulsiani says This is quite a common practice among institutes so I would like to address the trends too apart from the personal experiences and I'll also write on one aspect the question didn't explicitly ask  - offers  before  JEE Pre-JEE (class 12th) I had a couple of 'offers' - Some people from Akash Institute came over to my place to 'gift' me books to help me prepare for JEE. All I had to do was - guess what - yes, sign a form ! I was amazed at how insistent they were and despite me saying I didnt need the books and wouldn't sign,  they made me keep the books. They then visited / called me about 5 more times to get my signature (until I finally returned the unused books on their last visit and told my hostel guard to not allow them back). I later learnt that they had been giving these 'gifts' to some of my (well performing) batchmates in Bansal Classes too and unfortunately a lot of them had signed up too. I was also on
More IIT and JEE preparation news >>