According to the news making the rounds in Australia, there are going to be about 277 jobs cut off by Monash University as a result of the fall in revenue due to the decline of international students.
According to the school, if things were to go as they envisaged, they would lose around $350 million in revenue by the end of 2020. The announcement is coming after some job cuts were experienced due to the impact of the coronavirus pandemic. This week, the University of New South Wales announced that it had relieved 493 members of its staff of their jobs.
Job losses rock Monash University
In the statement released by the institution, they noted that there was variation present in its working environment, and they have used all the measures they can to save about 190 jobs.
The measures taken included staff taking pay cuts, delaying much-needed bonus till next year and the most senior members of staff have all agreed to cut their salary by 20%.
When the coronavirus first started, we never thought it was going to get this harsh, and as a result of that, we have witnessed job losses a lot since it started, the school said.
Continuing in their statement, the school said, We have to realize that we have to move on even if the government has not supported research enough because of insufficient funds. The 277 jobs cut off by Monash University is one of the drastic needed measures we have to take.
Furthermore, Monash also noted that it had projected a revenue loss that will be around $350 million and has been deploying different measures to tackle the problem, including pay cut to stay afloat.
277 jobs cut off by Monash University will help revenue
Vice-Chancellor of Monash University, Margaret Gardner has said that with the way things are going, the number of job losses would be close to about 2,000 before the end of the year.
She also noted that with the way the economy is suffering, there stand to lose more than $2 billion in revenue in the coming years.
Margaret Gardner, who is also the Group of Eight schools interim chairman, said, What we are witnessing now is happening around the globe, but we are feeling the brunt here, especially with Group of Eight schools. Most of our income is from students outside the shores of this country, and the low revenue is not helping us.
Gardner also noted that without proper assistance, they would not be able to minimize some needed loss. News recently circulated that the Morisson government promised to give schools $18 billion but has said there would not be any added funds.
Additionally, the government has erased public universities from enjoying the job keeper wage benefits. Gardner said presently, they are talking to the government over more finds, but now, the 277 jobs cut off by Monash University are much needed for the school to stay afloat.
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