The University of Kent is looking into voluntary redundancies after a fall in student numbers has left it facing a huge drop in revenue.
The institution, which has campuses in Medway and Canterbury, says it is an unprecedented time for the higher education sector as staff face job cuts.
The issue has been caused by rising costs, along with government policy to freeze tuition fees at £9,250 for five years.
The University has to continue running to a budget, but will receive no increase in funding. The Government are in a dilema as tutition fees are already high and if they increase, even less students will be able to afford them.
The university has said that they are opening a voluntary severance scheme to which all staff, whether academic or professional services, can apply. Their income is not increasing as much as they need it to, while in real terms it is falling year on year due to the tuition fee being ‘fixed’ at the same level as it has been for five years. All of this is compounded further by the recent rapid increase in inflation.
The university says there are already measures underway to address its financial challenges, including investing in priority subject areas, developing the Medway site, recruiting more international students and using its 60th anniversary celebrations to fundraise.
it has become increasingly tough for students to afford the costs associated with higher education
Others, though, include reducing staff numbers through a voluntary severance scheme. There has also been a multi-million-pound impact from the number of students not staying to finish their studies, while fuel and wider costs continue to rise.
From a students perspective, University has almost become an exclusive domain for only those that can afford it. Many do not want to be stuck with tens of thousands of pounds of debt, when starting salaries are reducing due to competition in the employment market.
