Early Retirement/Resignation Package Available to Staff
Program designed to help colleges, divisions meet multi-year budget targets
The University is offering a time-limited voluntary early retirement/resignation package to help colleges and divisions meet their multi-year budget targets as outlined in the 2008/2009 preliminary Ministry of Training, Colleges and Universities operating budget.
The new program will allow regular full-time staff to request early retirement or resignation. Deans or division heads will consider requests, and approval will be granted only when the change will allow operational and budgetary priorities to be achieved.
“The early retirement package will allow units to make strategic reductions while giving staff who want to retire or leave early an opportunity to do so,” says Nancy Sullivan, vice-president (finance and administration).
The plan is open for requests from July 1 to Sept. 30. Staff may request a departure date between Sept. 1, 2008, and April 30, 2010. Staff who are interested should talk to their dean, director or department head.
Employees who are approved for the program will receive one month of regular pay for each year of continuous U of G full-time service — to a maximum of 12 months.
They may choose to receive a lump-sum payment, salary and benefit continuance or a combination of the two.
The University will continue to work on other plans for addressing the structural deficit projected for the 2008/09 budget year (see related story).
The structural deficit has evolved over the past several years as government funding for operating costs has lagged significantly behind expenses in the face of rising costs for salaries and benefits, post-employment benefits such as pensions, deferred maintenance and utilities.