Following a nine year pause on salary raises and faculty retirement contributions, university president Xavier Cole announced that faculty who received a one-time payment last fall, will have 50% of the adjustment permanently added to their salary.
This announcement came at the university senate meeting on Sept. 21.
In past years, Loyola has been among the least paid faculty, with full-time professors and associate professors having made about 25% less than the national average. Since 2013, Loyola has been experiencing significant financial troubles, with a peak in 2018.
On top of frozen salaries, retirement benefits were cut down from 8% to zero from 2018 to 2021. As of last fall, the university will be increasing faculty retirement at 2% a year.
Within the past couple years, Loyola has been making progress in earning back the money it had previously lost.
