- The Registrar has hinted that CUC spends over GHC2.7 million in order to keep its staff on payroll
- The CUC authorities say they have prepared severance package for staff members who have been affected
The Registrar of Central University College (CUC), Mr Emil Afenyo has disclosed that the institution is in serious financial distress.
According to Mynewsgh.com report, the University College is currently on its knees and it could close down if measures are not taken to save the institution.
The College was recently in the news for embarking on some retrenchment exercise which has so far affected about 67 senior and junior staff of the institution.
However, authorities of the college have announced plans to lay off about 200 of its staff members in another retrenchment exercise.
This is said to have caused fierce resistance among some faculty members who are likely to be affected by the exercise.
However, the Registrar of the institution, Mr. Afenyo addressing some affected members of the University revealed in a leaked audio that, the exercise was to reduce the wage bill and improve efficiencies in customer support, service delivery and administrative excellence.
The registrar in his explanation stressed that CUC spends over GHC2.7 million for the past 10 months in running the institution which is even on overdrafts and therefore heading for a crash.
“As I am speaking, our staff cost is still 2.7 million cedis and for the past 10 months, we have been running only on overdrafts. So we are getting to a point where we are heading for a crash if you don’t do something drastic this time”, he told the affected staff prior to their dismissal.
Mr Emil Afenyo added that the College for the past one year tried to resolve its financial issues but have reached a point where it is no longer sustainable, and has developed severance package for the affected staff.
“Indeed in fact if you have been listening to the news, a lot of companies are having to layoff, and the list we have received which we are implementing has your names on it. What we have negotiated and gotten approval for is that instead of just basic salary for each year that you have served, we are offering basic salary and rent. So that it is more appreciable. So we have a severance agreement which will give each of you to study with your lawyers, you need to take a careful look at it and by Friday we want it back signed,” the registrar told the dismissed workers.
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