The WVU Salary Reduction Agreement: What Employees Need to Know
West Virginia University (WVU) recently announced a temporary salary reduction agreement for selected employees as a cost-saving measure during the COVID-19 pandemic. The reduction will last for the months of August, September, and October 2020, and will be based on a sliding scale according to salary level.
Who is affected by the WVU Salary Reduction Agreement?
The agreement affects certain WVU employees, including faculty, staff, and administrators. It does not apply to graduate assistants or student employees.
The employees affected by the agreement are those who earn a base salary of $70,000 or more per year. The percentage reduction will be higher for employees who earn more.
How much will employees be affected?
The WVU Salary Reduction Agreement is based on a sliding scale tied to salary levels. The reduction percentages are as follows:
– For employees earning $70,000-$99,999 per year: a 3% reduction
– For employees earning $100,000-$149,999 per year: a 4.5% reduction
– For employees earning $150,000 or more per year: a 6% reduction
Employees who earn less than $70,000 per year will not be affected by the agreement.
Why is WVU implementing this salary reduction agreement?
The COVID-19 pandemic has had a significant financial impact on WVU, as it has on many other institutions across the country. The WVU Salary Reduction Agreement is one measure that the university is taking to address its budget shortfall.
According to WVU, the salary reduction agreement will help the university save approximately $8.6 million. This savings will go towards funding other critical areas of the university, such as academic programs and student services.
What happens after October?
The WVU Salary Reduction Agreement is temporary and will only be in effect for the months of August, September, and October. WVU has not announced any plans to extend the agreement beyond October.
However, WVU has also stated that it will continue to monitor the financial impact of the pandemic on the university and may need to take further cost-saving measures in the future.
The WVU Salary Reduction Agreement is a temporary measure that affects certain employees at the university. While the reduction percentages may seem significant, they are necessary to help WVU address its budget shortfall during the COVID-19 pandemic.
Employees who are affected by the agreement should review their paychecks carefully and contact WVU’s Human Resources department if they have any questions or concerns. It is also important to remember that this is a challenging time for everyone, and we must all work together to support our institutions and communities.