UPMC offers buyouts to 3,500 longtime employees

Pittsburgh-based UPMC is offering buyouts to employees who are 60 or older and have worked with the system for at least 10 years, according a Pittsburgh Tribune-Review report.

UPMC is offering buyouts to 3,500 employees, or 5.6 percent of the system's workforce. The voluntary severance package includes medical and dental benefits along with a one-time cash payment of $15,000, according to the report. It was not extended to executives, physicians, advanced care providers, workers covered by a union agreement and workers in the insurance division, according to the report.

Workers have until June 12 to decide whether to accept the offer. A UPMC spokesperson said the system does not have a minimum number of employees it wants to accept and plans to "accept the majority of employees interested in volunteering for the program."

In a statement, UPMC officials said the program "honors and respects long-term staff members who are ready to move to the next phase in life" while also helping with cost-savings by adjusting the workforce to meet reduced demands.

For the first three months that ended March 31, the 22-hospital system reported operating income of $20.2 million, down 68 percent from $64 million for the same period a year ago. Its operating revenue increased to nearly $3 billion in the three-month period that ended March 31, up 5.6 percent from the same period of last year.

UPMC has approximately 62,000 workers, making it the largest private employer in the state.

Copyright © 2024 Becker's Healthcare. All Rights Reserved. Privacy Policy. Cookie Policy. Linking and Reprinting Policy.

 

Featured Whitepapers

Featured Webinars