To make way for the new professors it plans to hire, Duke is encouraging some older professors to retire.
The University will offer extra money to some professors who are planning to retire and whose years of work at Duke and age sum to 75, also known as the “Rule of 75.”
The financial assistance is designed to aid faculty whose retirement savings have been diminished by the down economy, according to a University statement released Friday.
Based on the statement, it is unclear how much money will be offered or how many professors may be eligible to receive the aid. Professors in the School of Medicine and the School of Nursing are not eligible.
Deans will discuss the retirement incentive with eligible faculty in the next few weeks, according to the release. Faculty who take the assistance must retire by June 30, 2011.
“We want to ensure the deans have flexibility to assist our colleagues in realizing their goals for retirement,” Provost Peter Lange said in the statement. “In the process, we’ll enhance the resources available to continue the renewal and expansion of the faculty as a whole.”
Duke is looking to fill 63 faculty positions this year at all schools other than medicine and nursing, a 20 percent decrease from the average number recruited over the last three years.
According to the statement, Duke has received 325 applications for the faculty positions in fields ranging from history and economics to chemistry.
The schools of medicine and nursing are also hiring, the release stated.
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