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As the public health crisis continues, top administrators at all four UM universities will take 10% pay cuts
COLUMBIA, Mo. — University of Missouri System President Mun Choi today announced further financial actions to help the university cope with the impact of the current public health crisis. Effective May 1, Choi, UM System vice presidents, chancellors and their cabinet members, and the deans at the four UM universities will be taking 10% salary cuts that will last until at least July 31.
“Throughout our history, our universities have been known for resilience and our commitment to the people of Missouri,” Choi said. “While our universities are continuing to do what they have done for generations — serving critical needs and providing the highest quality education for our students — we also must plan for severe financial challenges. It is clear that our major sources of funding will remain under stress for some time to come.”
Choi said that many other senior leaders and administrators throughout the university will also be asked to take a similar pay cut. Additionally, budget planners at each university are creating plans for cuts of up to 15%. Options being considered include layoffs, unpaid leaves, restructuring and strict cost containment. Some of those decisions will be made by April 30.
Cost-cutting measures announced last month, including elimination of merit increases, restrictions on hiring and cutting spending, remain in effect. Currently, budget planners are working on a 60-to-90 day planning timeline with the expectation that the FY21 budget will be revisited at the beginning of July.
“We came into this crisis well-managed fiscally, and we will take the difficult and necessary actions to maintain our flexibility to achieve excellence in student success, research and service to the state,” Choi said. “We are all in this together more than ever before. We continue to be grateful for the strength and talent of our university communities to rise to this unprecedented occasion.”
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Reviewed 2020-04-14