Buyout Could Be Choice For Some U of I Employees
Employee buyouts are being looked at as another option for the University of Illinois to cut costs next spring.
Campus units were told earlier this month to make contingency plans to reduce spending by 7, 10, and 15 percent. Those plans were to be submitted earlier this week. U of I spokeswoman Robin Kaler says this is just another possibility as state reimbursements to the university are behind by about $400 million. "For several months the university has been struggling with a mounting financial crisis," says Kaler. "We're working on several options and buyouts are one of those, but we don't have details yet on any of the options." Kaler says it's too early to speculate who may take advantage of a buyout plan.
The U of I is also considering implementing a furlough policy next spring that's already been put together. Kaler says administrators have other cost-cutting proposals on the table, but couldn't be more specific.