Boston University is laying off approximately 120 staff members, which accounts for a 5% reduction in the budget, as communicated by President Melissa Gilliam. The layoffs stem from financial challenges including federal funding cuts and rising inflation. About 1% of employees will be affected, making the cuts painful for the community. Leading up to this, budget cuts were deemed necessary due to expenses rising at a rate of 5.6% annually while revenue only grew by 4.8%. Major renovation projects are also contributing to the financial strain.
Boston University will lay off about 120 staff members, equating to a 5% reduction in the budget, due to challenging financial realities and rising costs.
President Melissa Gilliam stated that every effort was made to limit layoffs, acknowledging that any reduction in staffing is painful for the community.
Financial pressures from federal funding cuts, inflation, and changing demographics necessitated these layoffs, which will affect approximately 1% of BU employees.
With expenses growing by 5.6% annually and revenues only growing by 4.8%, budget cuts were determined necessary to address the financial headwinds.
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