300 University of Louisville faculty, staff and administrators accept buyouts
- University of Louisville President James Ramsey said Thursday that around 300 longtime employees accepted buyouts in a bid to reduce the school’s salary costs.
- The buyouts were announced in February, amount to about 5% of the university’s work force, are estimated to save the school $2.75 million, and, according to interim College of Arts & Sciences Dean John Ferré, were mostly accepted by those close to retirement.
- Under the buyouts, faculty receive one year of pay and are still able to teach part-time, while administrators and staff will get six months’ pay, with some health care benefits included for those under 65.
From the article:
… John Ferre, the interim dean of the College of Arts & Sciences, said the buyouts are problematic because they will mean a large number of faculty with experience and institutional knowledge will be leaving. However, they will also free up much needed money, he said.
“If everything goes according to plan, there will be more funds to hire new faculty and to give people pay raises,” he said. …
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