Furlough Plan Endorsed, Awaits Final Vote

With the approval of the UC Regents’ committee on finance and compensation, UC President Mark G. Yudof’s financial plan is nearly official.

The proposal will go before the full board of Regents for a vote today.

If approved, the plan will go into effect Sept. 1 and require UC faculty and staff to take 11 to 26 furlough days each year. Pay cuts would range from four to 10 percent, and workers making more money would receive larger salary reductions and more days off.

The savings would amount to $184 million – about a quarter of the $813 budget deficit that the UC faces next year.

We’ll have a full report on this soon, as well as a spotlight on UCSB’s response to the financial crisis.

For more, see our recent article and check out the plan on the Regents website.