If the Institution, which closed on March 14, doesn’t open by May 31, its revenue loss may rise from $22 million to $50 million
Source: Wikipedia
Expecting a revenue loss of $22 million due to the coronavirus pandemic and trying to avoid layoffs, the Smithsonian Institution will reduce pay of its senior executives and implement salary and hiring freezes, Artforum reports.
For example, salaries of secretary Lonnie G. Bunch III and deputy secretary Meroë Park’s will be cut by 15%. Pay of other top executives will be reduced by between 10% and 12% from May 24.
Bunch told the Washington Post the move was “part of a process that will allow me to control the deficit. We don’t know how long this will go for”.
The Smithsonian Institution has received $7.5 million under the CARES Act. The funds went on buying protective equipment and supplies allowing workers to work remotely during the lockdown.
The Institution expects further financial hardship through summer, because if lockdown measures are lifted, social distancing restrictions would mean that many ticketed events would still be cancelled.
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