Layoffs, salary cuts as UT addresses COVID-19 budget deficit
The University of Toledo announced massive workforce cuts Tuesday as part of its effort to balance a budget hit hard by the coronavirus shutdown.
The salary reductions will save the University at least $2.5 million to help address the current budget deficit. Supervisors will inform their impacted employees by Thursday.
“These are difficult, but necessary measures to ensure the financial stability of our institution,” said Matt Schroeder, executive vice president for finance and administration and CFO. “Recognizing that our people are our greatest asset, UToledo has committed to ensuring that employees maintain their health insurance during these temporary workload adjustments.”
The cuts will be made by issuing three furlough days to employees in the $75,000-99,999 range. Those making $50,000-74,000 will have two furlough days. Everyone making less than $50,000 will have one furlough day.
Senior leadership and deans are taking a 20% pay reduction through the end of the fiscal year, with other salary reductions for those not part of a bargaining unit.
An unspecified number of employees will be temporarily laid off from May 11 through July 3. Lastly, supervisors will implement temporary layoffs of up to 29 days increments for some employees. Those workload reductions will be in effect between May 11 and July 3.