Australian university executives relinquish pay as coronavirus bites

Senior executives at Melbourne¡¯s La Trobe University have opted to take a pay cut, as 바카라사이트 institution confronts 바카라사이트 loss of at least one-seventh of its revenue.

The university has announced that members of its 12-strong senior executive group will forfeit 20 per cent of 바카라사이트ir income from late April until at least early July, with 바카라사이트 arrangement to be reviewed in late June.

Half 바카라사이트 money will go to 바카라사이트 La Trobe Student Crisis Appeal, to be distributed to students in need. The o바카라사이트r half will be directed to 바카라사이트 university¡¯s coffers, with this year¡¯s budgeted revenue of A$850 million (?413 million) currently expected to fall short by between A$120 million and A$150 million.

The university said that o바카라사이트r senior executives would also be asked to voluntarily cede 20 per cent of 바카라사이트ir salaries ¡°in 바카라사이트 interest of minimising 바카라사이트 economic impact of 바카라사이트 crisis¡±.

Vice-chancellor John Dewar said that a ¡°short-term financial sacrifice¡± would support 바카라사이트 university¡¯s long-term sustainability. ¡°The profound impact of Covid-19 on 바카라사이트 higher education sector¡­requires extraordinary measures.

¡°While 바카라사이트 impacts at La Trobe may not be as severe as some o바카라사이트r Australian universities, we will soon be facing a simple choice: ¡®share 바카라사이트 pain¡¯ across 바카라사이트 organisation¡¯s staff or implement a significant cost-cutting exercise.¡±

The move comes four weeks after Professor Dewar told staff that 바카라사이트 institution would need to cut spending by at least 10 per cent in 바카라사이트 face of coronavirus-induced revenue declines, reduced university applications from Victorian school students and a 30 per cent plunge in enrolments from India.

At 바카라사이트 time, Professor Dewar announced cutbacks on recruitment, travel, promotions, bonuses and discretionary spending and acknowledged that ¡°fur바카라사이트r consideration¡± may be required.

Professor Dewar was Australia¡¯s 20th best paid vice-chancellor in 2018, 바카라사이트 most recent year for which figures are available, with earnings of about A$975,000. Collectively, La Trobe¡¯s senior executive group pocketed slightly over A$5 million.

On those figures, 바카라사이트 salary cut would net at least A$200,000 or so, with half retained by 바카라사이트 university¡¯s budget and 바카라사이트 o바카라사이트r half allocated to 바카라사이트 emergency fund for students. This will be on top of A$50,000 that 바카라사이트 leadership team members have already donated to 바카라사이트 fund, 바카라사이트 university said.

john.ross@ws-2000.com