Posted Feb 25, 2009 01:31 am CST
New austerity measures announced today in an e-mail sent by Yale University’s president to faculty, staff and alumni include a pay freeze for all faculty and managerial and professional staff—presumably including President Richard Levin himself—who earn more than $75,000 annually.
The e-mail (PDF) also announces budget cuts and other efforts to keep costs under control as the economic situation worsens. The pay freeze will help avert layoffs, Levin writes.
After his announcement in mid-December of less stringent austerity measures, “the mounting evidence suggesting a prolonged recession has caused us to recognize that we need to take a more aggressive approach to budget reductions for the coming fiscal year,” he continues.
The university also plans a slowdown on faculty hiring, but will not reduce student financial aid. As discussed in an earlier ABAJournal.com post, some law schools have, by contrast, been addressing the financial crisis by cutting student aid.