CU Boulder cuts pay for employees earning more than $60k – The Denver Post
University of Colorado Boulder will cut pay for a broad swath of employees as campus leaders wrestle with funding cuts brought on by the economic impacts of the coronavirus.
Employees earning more than $60,000 a year or $28.85 per hour will have their pay cut by 5% for one year, Chancellor Phil DiStefano announced in a letter to faculty and staff today.
Employees who are exempt from the pay cuts include those who are temporary, students, on certain work visas or classified, those who are already on a similar furlough through their department and employees whose positions are at least 50% funded by sponsorships or gifts.
The pay cuts are effective from July 1 to June 30, 2021. Campus leaders in officer positions — the chancellor, provost, chief operations officer, vice chancellors, associate vice chancellors and deans — are taking unpaid furloughs that equate to a 10% reduction in pay.
“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 wrote to employees. “We know that livelihoods are in the balance and are trying to be as creative as possible to address financial shortfalls.”
Some employees who see pay reductions will receive 12 additional paid days off, including university staff, researchers and library faculty.
Faculty members who work nine months a year — including tenured and tenure-track faculty — will not get additional paid leave.
CU Boulder is facing funding shortfalls that could range from $121 million to $651 million, and temporary pay cuts are meant to save jobs, according to a campus statement. Reducing employee pay will save an estimated $15.1 million.
Employees who make more than $60,000 but are on continuous furlough will also be subject to the pay cuts once they return to work.
If an employee earning more than $60,000 would make less than $60,000 after the 5% cut — for example, those earning $61,000 — their pay will instead be reduced to $60,000, according to the university.
CU Boulder’s Human Resources will begin notifying employees of pay cuts on Friday, and all notifications will be sent out by June 19.
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