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From the Provost and the Deputy Vice-Chancellor (Research)
Proposed voluntary redundancy program
|7 October 2020|
Today we are formally setting out the details of the proposed University-wide voluntary redundancy program for consultation.
The four-week consultation period, as set out in our Enterprise Agreement, will run from today, Wednesday 7 October until Wednesday 4 November for staff to provide feedback and ask questions relating to the voluntary redundancy program.
This is an important measure that the University is introducing to minimise involuntary redundancies required as a result of the financial impact of COVID-19. That financial impact has been brought about by the combination of decreased student enrolments, a reduction in revenue from other sources and increased costs related to our response to the pandemic.
The full details of the proposed Voluntary Redundancy (VR) program are accessible on the Pandemic Reset Program site. Staff are encouraged to review the Consultation Paper, additional supporting materials and frequently asked questions. Staff are invited to provide feedback and ask questions relating to the voluntary redundancy program through a ServiceNow form.
An overview of the proposed voluntary redundancy program
Important information about voluntary redundancy payments
Next steps and timing
Subject to the University’s final decision following consultation, staff will be invited to submit an EOI from Thursday 5 November until Friday 13 November and further updates will be provided as we progress through the consultation period.
As outlined in the Vice-Chancellor’s update on 24 September, the University is still facing a significant loss of revenue over the next three years and needs to find savings to return to a financially stable position on an ongoing basis. This means we must reduce the University’s annual operating costs and resize its operations to match the reduced revenue on a yearly basis. When seeking savings, the University must mitigate risks to its strategically agreed future teaching and research and set itself up to thrive in the post COVID-19 world.
As a result, we have sequenced the elements of the Pandemic Reset Program to enable voluntary redundancies to be implemented first before we then progress other changes that will likely involve involuntary redundancies.
The following overarching principles have been explicitly defined and agreed by the University Executive and are guiding our approach to the entire Pandemic Reset Program. They are:
We appreciate that many of you have been seeking further information in relation to the voluntary redundancy program for some time, and we thank you for your patience. We encourage all eligible staff to review the information provided on the Pandemic Reset Program website and to share any feedback or questions you may have.
On a separate matter, the University’s application to the ATO to have the proposed Senior Academic Enhanced Retirement Scheme formally recognised as an eligible scheme allowing generous concessional tax rates is progressing. We will provide detail advice on this upon approval by the ATO.
Mark Considine and Jim McCluskey