Queen’s University Introduces Voluntary Exit Incentive Program to Balance Budget: What You Need to Know

Voluntary Exit Incentive Offered to Faculty of Arts and Science Staff

The Queen’s Faculty of Arts and Science (FAS) has recently introduced a Voluntary Exit Incentive (VEI) pilot program in an effort to reach a balanced budget. This initiative is aimed at eligible FAS staff members who may voluntarily leave their position in exchange for a lump sum payment equivalent to four weeks of regular salary per completed year of service, up to a maximum of 52 weeks for longer-serving employees.

The program is just one of several cost-saving measures implemented by FAS to achieve a balanced operating budget. To be considered for the pilot program, eligible staff must submit their application by April 30, 2024, and notifications of approval will be sent out by May 10, 2024. Detailed information about the incentive and staff eligibility criteria can be found on the newly created VEI pilot program website.

While the VEI program is currently limited to staff from the FAS department, if it proves successful in achieving cost savings while minimizing impacts on employees, the university may expand the program to other areas if needed. It’s important to note that this initiative is separate from the Voluntary Retirement Plan (VRP) announced earlier, which is available to eligible faculty, librarians, and archivists university-wide. For more information on both programs, including frequently asked questions and updates on the VEI pilot program, visit their respective websites.

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