Monday, April 22, 2024
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TTU Proposed Budget Includes Three Percent Merit Pay Pool For Faculty, Staff

The proposed Tennessee Tech budget includes a three percent merit pay pool for faculty and staff.

Tech President Phil Oldham said it is part of the five percent salary raise pool that is part of Governor Lee’s proposed budget. The raises would be based on performance evaluations with a minimum award of one percent and a maximum of seven percent.

Oldham said an additional two percent in potential salary increases would be held until a pay study is completed in the fall.

“My guess is we’ll not completely satisfy the issues that come out of the Mercer study by it should make a very significant start,” Oldham said.

A Mercer Financial Services pay study is expected to be completed by November looking at how Tennessee Tech salaries are comparable with those in similar markets.

Oldham also proposed a one-time bonus of $650 for all employees, effective July 1. The two percent in the salary pool being held until the pay study is complete would be used for the bonus.

The university’s new budget includes some $5.277 million in cost increases.

The biggest increase would be $2.112 million to provide the five percent salary raise pool. A one percent increase in salaries equals about $1 million in additional costs, Oldham said. Governor Bill Lee proposed covering 55 percent of that pool in the state’s proposed budget.