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MUN will save $10.8 million in 2019 thanks to voluntary retirement program

Noreen Golfman is provost and vice-president academic at Memorial University.
Noreen Golfman is provost and vice-president academic at Memorial University. - File photo

Memorial University bid farewell to 69 longtime employees last year through its one-time voluntary retirement program (VRP).

Of the 171 employees deemed eligible in one of the four phases, 86 applied, representing a more than 50 per cent application rate. The institution had hoped for 40 per cent.

Of the voluntary retirees, 50 held academic positions while the remaining 10 were non-academic staff members.

Approved staff members were provided with a lump sum payment of one month salary per year of service up to a maximum of 12 months of payment if they retired on or before Dec. 31, 2018.

“These significant results will enable Memorial to better manage our longer-term financial challenges while enabling an investment in the academy,” Dr. Noreen Golfman, provost and vice-president (academic) stated in a release.

MUN says it will result in approximately $10.8 million in savings for the first year, of which approximately $4.8 million will be used for hiring new faculty.

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