Faculty Programs

Faculty Programs

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The Retired Faculty Wellness Fund (RFWF) is a supplementary medical insurance program initiated by the Class of 1984 as ‘GURUDAKSHINA’ for their teachers who retired prior to 2004.The genesis of the program came from a lack of regular medical coverage for IITB faculty who retired before 2003.The RFWF provides supplementary medical insurance from ICICI Lombard to all retired faculty members (and their spouses). This is a family floater plan for a ‘closed group’ consisting of retired professors, spouses, and spouses of deceased professors. No new faculty members are admitted to this group. The annual premium for this closed group policy is paid out of the Retired Faculty Wellness corpus.

Funding Requirement for paying premium for 1 year: ₹ 35 Lakhs.

The Chair Professorship is a distinguished academic position created to honor and recognize outstanding work from the existing permanent faculty members of the Institute. It’s also used to attract outstanding external academicians to join the Institute. Each Chair is supported by an endowment created from a donation made to the Institute. Establishment of new Chair Professorships is essential if IIT Bombay is to attract and retain high quality research faculty. This is integral to the Institute retaining its position as a leading international research institute. Interest from the endowment will be used to meet the expenses of the Chair which include an honorarium and contingency expenses. The salary of the Chair Professor and all other benefits (housing, medical, etc.) will be allocated from Institute funds.

Funding requirements: ₹ 1.25 Crores / per Chair

While IIT Bombay is undergoing a rapid growth phase, so are other institutions all over India and the world. This creates significant challenges in attracting high-quality faculty to IIT Bombay. Given the current hiring spurt globally, the Young Faculty Award (YFA) ensures that IIT Bombay is able to recruit high-quality faculty members by offering them a globally competitive financial package. The new faculty members either replace retiring faculty members and/or augment IITB’s existing faculty.

The “Young Faculty Joining Bonus,” initially a Class of ’82 Legacy Project, has been awarded to competitive young faculty members since 2010. The classes of ’78, ’83, ’84, ’85, ‘88,’89, ’90, ’91, ’92,’93 and 94 have also joined this project.

Funding requirement: ₹ 1.15 Crore per year