University of Arizona Announcing Pay Cuts, $250 Million Loss Expected Due to Coronavirus
“The plan will go into effect on May 11 and will last until June 2021.”
The financial losses for colleges and universities are really adding up.
IBL News reports:
Pay Cuts Set for Anyone at The University of Arizona as a $250 Million Loss Is Expected
The University of Arizona announced on Sunday pay cuts and furloughs for nearly all of its employees in order to finance an expected $250 million loss, according to Tucson.com. The institution has already registered $66 million in losses.
This is the first research university to adopt significant cost-saving measures due to the COVID-19 pandemic.
The plan will go into effect on May 11 and will last until June 2021. The cuts will require any employee making $150,000 to take at least a 17% pay decrease, while those making less to take unpaid work-days resulting in at least a 5% salary reduction.
The salary decreases are expected to save the university up to $95 million. In addition, the university has imposed a hiring freeze, delayed merit increases, and withheld $22 million investment.
However, no one will be fired.
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Comments
Just the beginning. The “higher education ” bubble is long overdue for a humongous burst.
I have three degrees from the UA. A half century ago, it was affordable and a good education.
They did it to themselves.
Remember education and higher education started the Dim Panic economic shutdown. They are colluders and in collusion with the Democrat Party, MSM, and communist China which keeps the list of all School administrators in colleges even on down to kindergarten and grade school Personnel that are corruptible for the Communists Chinese government’s purposes.
Why don’t they fire such worthless professors as Ethnic Studies faculty?
100% of administration is completely Expendable also. The college presidents are just figureheads. Any retired business person could do a competent job for a dollar a year.
Uh oh! The cat is out of the bag!
https://m.youtube.com/watch?v=tXgCG50YoWs
The Biggest Scam in America