Tuesday, December 9, 2008
Due to an ailing economy, Carnegie Mellon University has decided to freeze employee wages during the next fiscal year. That year starts on July 1, 2009, and runs through June 30, 2010, says University spokesperson Ken Walters. The pay freeze affects more than 4,700 employees. Walters does not know how much money it would save the University, but the effort is done in part of the stock market decline, which has shrunk the University endowment. Walters says Carnegie Mellon, like many other institutions, will be keeping a close eye on the financial crisis in the next fiscal year, hoping things will improve. He says pay increases will resume as soon as it is reasonable to do so.