1 . A Graduated Paycut for More Highly Paid Employees</p>
<p>$100,000-$200,000: 5% cut
$200,000-$300,000: 10% cut
$300,000 to $1 million +: 15% cut</p>
<p>If we assume the average cut would be 8.5%, FAS would save $15-16 million., and Harvard University would save about $50 million.</p>
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<li>Slight Reduction in Retirement Benefits for Employees Making More than $100,000</li>
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<p>Right now Harvard matches up to 10% of the annual salary of employees making over $100,000 and puts it into a 403b retirement account. This contribution is relatively high compared to other institutions’ retirement benefit packages, with some doing away with the program entirely. While we do not recommend such extreme measures, Harvard could cut this to 7%, saving $2 million.</p>
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<li>Reducing Paid Vacation Days for Employees Making More than $100,000</li>
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<p>For many companies, the period between Christmas and New Years is an unpaid vacation. For Harvard employees, this time is paid vacation. If Harvard stopped paying for this vacation time for its $18,000 employees, this cut would save the University $27 million.</p>
<p>What have other universities done to take on the burden of the crisis collectively?</p>
<p>Brandeis University is giving faculty until December 19th to sign onto an effort to take 1% pay cuts; when 30% are in agreement, the plan will go into effect. The Chair of the Faculty Senate has explained this effort as in line with Brandeis’ “traditional, historical commitment to social justice.” Other professors are considering putting money into a charitable fund to secure jobs. </p>
<p>At Arizona State University, top administrators will have 15 days of their vacation go unpaid.</p>
<p>The University of Tennessee President and his executive staff will all take a voluntary pay cut of 5%. </p>
<p>The chancellor of Washington University in St. Louis will take a voluntary pay cut of 10% for the next academic year. </p>
<p>The Stanford president and top administrators have taken a voluntary 10% pay cut for the next two academic years.