Oh how low the economy goes. It’s wilting away at the Ivy leagues.
Yale University is planning to make cuts and they’ll be deep, perhaps even cutting staff.
The prestigious school that has attracted such heavyweights as former Prime Minister Tony Blair will reduce budgets by 7.5 percent of salaries and benefits of all non-faculty staff, rather than the 5 percent announced in December, Yale President Richard Levin said in a letter to faculty and staff Tuesday.
Anyone who makes more than $75,000 will receive no salary increases, Levin said. Employees will receive "support and guidance" if layoffs are needed.
In December, Yale released that its nearly $23 billion endowment had dropped 25 percent to about $17 billion due to the recession, prompting the Ivy League college to delay construction projects and take other cost-cutting measures.
Yale is still projecting a 25 percent loss for the fiscal year.