In a message to the campus on Thursday, June 11, Chancellor Philip DiStefano announced that faculty and staff who earn an annualized salary of more than $60,000 will see a temporary 5% pay reduction. As part of this measure, university staff and 12-month faculty (researchers and library faculty) will receive an additional 12 days of leave to use by June 30, 2021. The temporary pay reduction, meant to preserve jobs during a challenging financial time, will be in effect from July 1, 2020, to June 30, 2021. Additional details about the temporary pay reduction, the additional leave, and the employees exempt from this measure are available on the Human Resources COVID-19 Furlough Guidance webpage with detailed FAQs specific to this announcement.
As discussed publicly since April, CU Boulder is facing a funding shortfall. Estimates on the funding shortfall show a potential $121 million to $651 million deficit for next fiscal year. By taking these measures, the university can prevent imminent layoffs and other budget cuts that would harm the university’s ability to achieve its mission. Current estimates show that the temporary pay reductions will save the university approximately $15.1 million.
University staff and 12-month faculty will have 12 days of leave to utilize as part of this measure, with part-time employees having the number of leave days pro-rated. Impacted employees will receive additional information via email as a follow up to the chancellor’s announcement.
“We are facing one of the most challenging times in university history, and we do not take lightly the financial decisions we’ve made over the last few months,” DiStefano said. “We know that livelihoods are in the balance and are trying to be as creative as possible to address financial shortfalls."
For more information from Human Resources, please visit the HR COVID-19 Guidance webpage.
