WVU offers employee buyout to cut spending

http://wvmetronews.com/2019/04/23/wvu-offers-employee-buyout-to-cut-spending/

Earlier this month, the WVU Board of Governors approved modest tuition and fee increases for WVU students starting next year. The headline-grabbing angle was that the hikes were the smallest in at least 20 years.

The less well noticed nugget out of that BOG meeting was about spending cuts. “The Board plans to reduce salaries, benefits and supplies by $14.8 million,” MetroNews’ Jeff Jenkins reported.

Yesterday details of that planned reduction became clearer when WVU announced a Voluntary Separation Incentive Program (VSIP). That’s a fancy name for employee buyouts.

Under the program, WVU may offer one-time lump sum payments to “eligible faculty and staff, who in return would agree to separate from employment with the University either by resignation or retirement.”

The buyouts are open to all faculty and staff who meet the eligibility requirements, which include holding a regular, benefits-eligible position at the University and having 20 or more years of service. WVU Vice President for Strategic Initiatives Rob Alsop said that about 1,300 employees qualify for the buyout and the University estimates up to 130 will take it.

This seems to be the thing schools are doing now when they're in a financial crisis we're having financial problems. It lowers the amount of teachers that are in the University. It's also led to a few strikes when there isn't enough teachers that opt into the buyout.

Submitted April 23, 2019 at 04:02PM by MountainsMan55 http://bit.ly/2ICCFDs