King of Prussia, Pa.-based Universal Health Services' executives and other members of its senior management team are taking salary reductions and donating their pay to a fund that provides financial support to the company's employees.
In response to the COVID-19 pandemic, UHS' board approved base salary reductions for the company's top executives on June 1. UHS Chair and CEO Alan Miller's base salary will be reduced by 100 percent from June 1 through July 31, according to a filing with the Securities and Exchange Commission. The base salaries for several other UHS executives, nonexecutive officers and senior managers will be reduced between 5 percent and 20 percent between June 1 and Aug. 31.
UHS said it will contribute the funds generated from the base salary reductions to the UHS Foundation, an employee assistance program. The foundation intends to evaluate the hardships caused by the pandemic on certain UHS employees and their families and to disburse funds to those most in need of financial assistance, according to the SEC filing.