Addressing faculty and staff at the fourth Town Meeting of the semester on October 28, President Clara Yu reported on Board actions regarding administrative reorganization and delivered several pieces of good news for employees that came out of the recent Board of Trustees meeting:
Faculty and staff salary increases will be implemented on January 1. These increases will be awarded based on the performance evaluation process administered for the staff during the spring and summer, and for faculty during the early fall, and will range from 4% to 6%.
The Institute’s matching contribution to employee retirement accounts will increase from 1% to 2% on January 1. This means that for eligible employees who set aside 2% of their salary for retirement, the Institute will contribute 2%, in addition to the 5% contribution the Institute makes for employees who have been at the Institute for a year or more.
In addition to holiday time off between Christmas and the New Year, the Board voted to extend the break through Friday, January 2. This means that the holiday break will begin at noon on December 24, and the Institute will reopen on Monday, January 5.