TOLEDO, OH (WTOL) - Bowling Green State University is hoping to save money, thanks to a separation agreement that allows employees to leave the university before their contracts are over, thereby clearing the way to hire new employees for less money.
They were estimating 138 professors would sign up and, as of Monday's deadline, 156 had done so.
The university projects that by the end of this year, even with paying some faculty a $75,000 payment to end their contracts early, they'll be saving as much as $2 million this year alone.
But that's just the beginning of the projected savings at BGSU.
"Over the three years it takes to pay out the individuals and the vendor for the program, around $5 million," said Human Resources Director Rebecca Ferguson.
Ferguson said this savings program is not doubling as an insurance program protecting against future layoffs. But she says the savings will certianly help in what continues to be a tough economy for education.