The University of Illinois is offering some of its employees early retirement worth up to $75,000 as it looks for ways to save money.
A mass e-mail this week made the offer to civil service and academic professional staff who have worked at the Urbana-Champaign campus at least four consecutive years.
Associate Provost for Human Resources Elyne Cole says those who accept will be paid six months' salary or $75,000, whichever is less. The offer starts Wednesday and will run into April.
The university is cutting costs while it waits for $436 million in overdue state payments. Illinois has delayed payments to public universities and a variety of state and local agencies while it wrestles with a growing budget deficit.
Earlier this month, the university announced that it would ask administrators and professors to take unpaid furlough days. Last week, officials said the cost of housing could see a double-digit percentage increase.
University of Illinois Offers Buyout to Employees
Offer comes on heels of furlough request, warning of increased housing costs
Copyright AP - Associated Press
