SOUTH BEND, Ind. (Inside INdiana Business) — The University of Notre Dame announced Thursday it has completed the third and final component of a more than $75 million compensation enhancement strategy. The university says the most recent commitment, totaling $25 million, will increase base compensation for 6,000 employees around the world.
President Rev. John Jenkins cited the “extraordinary contributions” from the Notre Dame community over the last two years for the funding commitment.
The university says eligible faculty and staff will receive a 3% raise while staff hourly wages will increase to a minimum of $17.50 per hour. Student hourly wages will also increase to $15 per hour.
“We often speak of Notre Dame as being a force for good in the world,” Notre Dame Executive Vice President Shannon Cullinan said in written remarks. “Investing in our faculty, staff and students is an extension of those values and the right thing to do for our most valuable asset, our people.”
The first phase of the compensation enhancement strategy began in April when the university funded a one-time, $14 million “employee appreciation monetary award” for employees. The second phase saw $50 million distributed in what Notre Dame says was the largest merit pool in its history.
Notre Dame officials say the latest increase will have no impact on tuition or financial aid.
The compensation increases will take affect on Aug. 1.