University of California’s president, its chancellors and other top executives will take a 5 percent pay cut as the university prepares a broader response to deep budget reductions imposed by the state. The move, effective July 1, will trim probably less than $1 million from the salaries of about 30 ranking administrators, starting with UC President Mark Yudof, who announced the decision yesterday in an internal letter. But it sends a signal to the balance of the 10-campus system that furloughs, pay cuts and layoffs may be inevitable as the university confronts a $500 million-plus cut in state funding. "Given the magnitude of the budget shortfall, all options need to be considered, and, unfortunately it is likely that every member of the UC community will be affected negatively," Yudof wrote in the letter to the university’s senior management.

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by James P. Sweeney, The San Diego Union Tribune.

Posted: May 30th, 2009, by: admin. Categories: . Awaiting Comments.