LAWRENCE, Kan. (AP) — The University of Kansas will offer voluntary buyout packages to some faculty members as it grapples with financial losses from the coronavirus pandemic.
Chancellor Douglas Girod has said the university faces a budget shortfall of at least $120 million in the fiscal year that begins July 1 due to virus-related shutdowns, the Lawrence Journal-World reported.
Provost Barbara Bichelmeyer said in a Monday message to faculty and staff members that eligible employees must be age 62 or older and meet other requirements.
“This was not an easy decision, however, it is one that will help enable the university to plan and forecast its continued capacity to provide high-quality educational experiences and exceptional research on our Lawrence and Edwards campuses long into the future,” Bichelmeyer said.
Applicants accepted into the Voluntary Separation Incentive Program will receive a lump-sum cash payment of $100,000 or their fiscal year 2021 budgeted base salary, whichever is lower. They must retire by Dec. 31 and would not be eligible for rehire at the university for 12 months.
Between 500 and 500 faculty and staff are likely eligible for the program, said university spokeswoman Erinn Barcomb-Peterson.