“includes freezing salaries for faculty and staff, reducing the salaries of university executives and freezing university contributions to the retirement program”
The school is anticipating a budget shortfall of over a quarter of a billion dollars.
Mass Live reports:
Boston University to furlough or lay off 250 employees amid economic fallout from coronavirus pandemic
Boston University says it is laying off or furloughing 250 employees amid the continued economic fallout from the coronavirus pandemic.
The cuts are part of an anticipated budget shortfall in next year’s budget of around $264 million, BU President Robert Brown said in a letter to the university community.
Brown said the administration has already applied “undesignated reserves and budget contingencies” to help shore up the shortfall, which includes freezing salaries for faculty and staff, reducing the salaries of university executives and freezing university contributions to the retirement program.
Even after those measures, there is still roughly $96 million in cuts required to close the gap.
“The academic and administrative leadership has been working over the last month to identify budget reductions to close this gap,” Brown wrote. “As part of the budget planning process, we are implementing significant cost reductions in expenses not connected to paying staff and faculty.”
In addition to the layoffs and furloughs, the university will be “eliminating or deferring hiring for approximately 200 open and unfilled positions.”
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