The University of Rochester is looking at some more cost-cutting moves, driven by the impact of the recent economic downturn.
The U of R previously has already talked about taking steps that include furloughs, a hiring freeze and pay cuts for some personnel at the university and the medical center. That was the result of financial pressures related to the coronavirus pandemic and the resulting loss of revenue.
This week U of R officials announced that they are temporarily reducing the university’s contributions to employee retirement accounts.
Also, officials say that all university faculty who earn over $280,000 a year will have their salaries reduced. That reduction is expected to be temporary, lasting about a year. Executive leadership at the U of R have already taken salary reductions.
U of R President Sarah Manglesdorf and other officials said in a statement to faculty and staff that they wish they didn’t have to make these moves, but say they are necessary to ensure the university can emerge from the health and economic crisis in a strong position.
