Springfield (Vt.) Medical Care Systems is cutting 27 jobs and reducing wages as part of a $6.5 million cost-cutting plan, according to Valley News.
Jobs will be cut across the organization, and the wage reductions will go into effect Feb. 24. Salaried positions will receive a 10 percent cut, and hourly staff will have wages cut by 4 percent, according to the report.
"These decisions are incredibly difficult, and we have worked hard to limit staffing reductions as we begin the turnaround necessary to stabilize this organization so that we can provide great care now and in the future," George Lamb, chairman of the health system's board, said in a press release, according to Valley News.
SMCS announced the layoffs and wage reductions after the Vermont Agency of Human Services and Berkshire Bank each loaned the system $800,000 so it could make payroll. The system would have run out of money Jan. 30 if it had not received the loans, according to the report.
The health system said additional staffing adjustments may need to be made to cut costs.
Access the full Valley News article here.
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