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.