From AP - News Headlines -

U of I to Announce Voluntary Separation Incentives on Wednesday, February 3rd

The University of Illinois will unveil incentive programs next week for faculty and staff on the Urbana campus considering resignation or retirement.

The programs have been in the works for several weeks. Deans, directors and department heads on the Urbana campus were given advance notice of the incentive programs Thursday in an email from Associate Provost for Human Resources Elyne Cole.

The programs offer a lump sum cash incentive for voluntary retirements and resignations --- equal to 50 percent of current annual salary, or 75-thousand dollars, whichever is less.

Civil service and academic professional employees working on the Urbana campus for at least four years in a row may apply for incentives covering resignations and retirements. Another incentive program covering retirements only is open to faculty and academic staff who are already eligible for retirement under SURS, the State University Retirement System. A two-month window for applications begins Wednesday.

In her email, Cole stresses that the incentive programs are voluntary, and that no one should be encouraged to participate, or discouraged from doing so. She describes the incentives as one way to address "challenging financial times" at the U of I.

Categories: Economics, Education