In an effort to manage current fiscal challenges, Trent University announced this week an early retirement incentive for staff and faculty members. The one-time, time-limited opportunity will help to reduce the 2015-2016 deficit of approximately $5 million to $7 million.

“Exactly how this affects our budget will depend on how many staff and faculty take up our offer,” said Dr. Leo Groarke, Trent University’s president and vice-chancellor. “Whatever happens, it won’t resolve all our budget challenges, but with a significant uptake, it will be a good step in a positive direction."

The program was put in place with agreement from unions representing staff and faculty members and will assist the many departments that will need to reduce their staff complement to achieve target reductions in the upcoming fiscal year. Approval will be conditional on specific age and/or service requirements and must meet the University’s financial and strategic goals.

The early retirement incentive program is among a number of initiatives being put in place to achieve a sustainable financial future for the University, including the introduction of Responsibility Centred Management earlier this year.

The deadline for eligible employees to accept the one-time retirement incentive is April 30, 2015.