The newly minted president of the University of Maryland, Baltimore will take a 10% pay cut this fiscal year.
UMB is the latest local member of the University System of Maryland to disclose it will be using pay reductions for the institution’s highest paid employees to address major budget shortfalls in fiscal year 2021, largely due to Covid-19. In a letter to university employees Monday, Dr. Bruce E. Jarrell, who was named the institution’s permanent leader just last week, announced he would take the largest salary reduction of 10% for the year. The school’s provost, deans and vice presidents will also see their salaries reduced, by about 5%.
The move comes after USM announced last week that several cost-saving measures would be necessary to help close a $500 million systemwide budget gap projected for fiscal year 2021 due to Covid-19. Among those measures, the system’s chancellor, Dr. Jay Perman, said he will take a temporary 10% pay cut. He said each campus would have to make decisions…Read the full story from the Washington Business Journal.