Thomas Jefferson University cutting up to 600 jobs, exec pay

Thomas Jefferson University, which includes Jefferson Health, is cutting up to 600 jobs through attrition and thinning executive salaries as it absorbs a nearly $300 million operating loss in its fiscal 2020.

Philadelphia-based Jefferson said it plans to implement a series of temporary cost-cutting measures, including cutting between 500 and 600 positions through attrition, decreasing pay for its most senior executives, changing the retirement plan and delaying pay increases.

Jefferson emphasized that no employees are losing their jobs, and it has weathered the pandemic without any furloughs or layoffs. It said the vacant positions not being filled were chosen to minimize impacts to patient care and student education.

Jefferson lost nearly $299 million on operations in the year ended June 30. Factoring in goodwill impairment, that loss grew to $460 million. That’s compared with $51 million in operating income in fiscal 2019.