April 19, 10:50 a.m. The University of Arizona announced pay cuts this week to defray an expected $250 million loss from the coronavirus pandemic, the Arizona Daily Star has reported. The university said it has already seen $66 million in losses.
The cuts, which go into effect May 11, will require anyone making over $150,001 to take at least a 17 percent pay cut. Those making less will be required to take unpaid work days resulting in a 5 percent salary reduction. The cuts will last at least until June 2021. The salary decreases are expected to save the university up to $95 million.
The university already has imposed a hiring freeze, delayed merit increases, halted three building projects, withheld $22 million investment in the strategic plan and required executive leadership to take a 20 percent pay cut. Those efforts are expected to save $50 to 60 million.