Michigan State University is looking into possible salary and retirement cuts, after being hard hit by the COVID-19 pandemic.
MSU President Samuel Stanley Jr. announced in a message to employees yesterday, that he is estimating around $50 million to $60 million in losses for fiscal year 2020, which ends June 30. He also announced some of the steps the university is taking to address the “shortfall.”
Below is a list of actions MSU announced:
In response, we are:
- -Tightening the hiring chill and limiting the filling of vacancies
- -Continuing to examine all capital projects to determine which can be paused, briefly delayed or indefinitely postponed
- -Reducing or eliminating consultants wherever possible
- -Continuing to limit travel
- -Continuing pay reductions for executive management
- -Implementing a minimum 3% budget reduction to academic and administrative units
In addition, we are considering:
- -Proposing campus-wide salary reductions in a scaled manner for all other employees
- -Proposing reducing MSU’s above-the-match retirement plan contributions
