From the Yale Daily News: Departments across the University may soon need to downsize or lay off employees to meet reduced budget targets as Yale cuts costs in preparation for the endowment tax hike set to take effect in July, administrators announced in a... message addressed to faculty and staff. Since President Donald Trump in July signed a bill that will increase the tax on Yale’s endowment investment returns from 1.4 to 8 percent, the University has reduced non-salary expenses by 5 percent, delayed construction projects, lowered faculty and staff salary increases and offered a one-time retirement incentive for managerial and professional staff, and Yale implemented a 90-day hiring pause over the summer. Administrators have estimated that the tax hike will cost the University about $300 million per year.
“Nearly two-thirds of the university’s expenses relate to compensation and benefits. Unfortunately, this means several units may need to meet their budget targets by reducing their workforce,” the memo — which was signed by Provost Scott Strobel, Senior Vice President for Operations Geoffrey Chatas and Chief Financial Officer Stephen Murphy — said. “In some units, even after these reductions, layoffs may be necessary, but university leaders are working hard to minimize them wherever possible.” ...
Full story at https://yaledailynews.com/blog/2025/12/04/layoffs-may-come-as-yale-seeks-to-shrink-staff-amid-budget-cuts/.
No comments:
Post a Comment