BALTIMORE, Feb. 13 (UPI) -- Johns Hopkins University, the largest private employer in Maryland, is freezing hiring, salaries and overtime, the school's president said Friday.
In an e-mail to students, staff and faculty, President William Brody said the university needs to cut costs because of the drop in value of its endowment, The Baltimore Sun reported. He said the gap between revenue and spending for the next two years has been estimated at $100 million.
Top administrators, including the president, vice presidents and divisional deans, will take voluntary 5 percent pay cuts during the fiscal year starting July 1, Brody said. The only raises for other employees will be those required by contract.
No new hiring will be done during the fiscal year and no overtime allowed except when necessary to a department's core mission. The university, one of the leading U.S. research universities, will not use contractors or temporary employees to fill in the gaps, Brody said.
Johns Hopkins Institutions has about 38,000 employees. Its main campus is in Baltimore and it has facilities elsewhere in the city and state, as well as the School of Advanced International Studies in Washington and campuses in China and Italy.
