The Voluntary Early Retirement Initiative (VERI) aims to acknowledge the contributions of eligible faculty and staff who have devoted years of hard work in support of delivering the University’s academic mission and strategic missions while addressing budgetary challenges. The initiative is an opportunity for both employees and the University as it helps units create flexibility in managing their staff complement while providing monetary incentives to retirees. This initiative is completely voluntary, universal (available to all employee groups), and time-limited.
As a participant of VERI, the employee will have the ability to earn a one-time, lump-sum payment immediately following his/her effective retirement date, calculated by one-month’s salary per year of service, to a maximum of six months or $100,000 (whichever is less).
Additionally, staff will receive payment from all outstanding employee banks (i.e., overtime, vacation), including the payout of unused academic leave credits, calculated by one month’s salary per unused leave credit, to a maximum of six credits or $50,000 (whichever is less).
Employees will be individually invited to participate in the initiative in phases until a fixed maximum cap of incentive funds is expended. If the cap is exceeded, the University may choose not to proceed with a subsequent phase. Within each phase, applications will be considered on a first-come, first-served basis. For criteria and eligibility, as well as additional program information, please visit the Human Resources VERI website at: www.umanitoba.ca/admin/human_resources/VERP.html.
For more, see this story.