Tuition Fees The UWI has managed to keep tuition fees affordable and hence widen access to students regionally and internationally. For the year 2019/2020, tuition fees for University Grants Committee (UGC)-funded programmes at the Mona Campus were increased by 1.5%. Tuition fees at the other Campuses remained at the 2018/2019 levels. Scholarships During the 2019/2020 academic year, scholarships to deserving students were provided from funds raised through entities such as The UWI Regional Endowment Fund, The American Foundation of The UWI, The British Foundation of The UWI, The UWI Toronto Benefit Gala and gifts from individuals and the private sector. From its UGC budget, the University also offered a significant number of Open Scholarships to undergraduate students and postgraduate students were also provided with scholarships and grants for research and publications. Cost Saving Measures In light of the budget cuts experienced, a number of cost saving measures have been undertaken across the Campuses and the University Centre to reduce expenditure. Among them include the rationalisation of programme offerings and the reduction of staff costs, capital expenditure, travel, office expenditure and utilities.
The budgets approved during 2019/2020 for the 2020/2022 Biennium took into consideration the uncertainties created by the COVID-19 pandemic. The reduction in staff costs was achieved by a reduction in numbers aided by natural attrition, freezing vacant posts and reassigning tasks, and a reduction in overtime payments. Travel expenditure was cut by using various meeting platforms to host meetings virtually. Progressively, The UWI has been reducing its cost to operate in line with available income. The University continues to seek opportunities for operational efficiency in order to reduce cost. Pension Administration The University operates defined-contribution pension schemes for its academic and senior administrative staff and non-academic staff. The St. Augustine Campus administers a defined-benefit plan for its administrative and technical staff. The Federated Superannuation Scheme for Universities (FSSU) for academic and senior administrative staff has a defined benefit element which provides qualifying retirees with a supplement to pension on retirement. A review has been undertaken by a firm of Actuaries and an initial draft of the report with recommendations to reduce the cost of post-employment pension and medical benefits has been received. During the financial year, the Office of Finance continued to have consultations with an investment advisor on the maximisation of returns (at minimal risk) on investment of pension contributions of members of the FSSU. This is one of the tools that can be used to reduce the size of the unfunded supplementation liability. Stewardship of the University’s resources and restoring the financial health of The UWI remains a priority. The University will continue to focus on revenue generation and cost containment in order to achieve the targets of its Strategic Plan.
Costs related to post-employment benefits are being reviewed for more cost-effective arrangements to be implemented.
Mrs. Andrea McNish University Bursar
Read the full report for Finance at www.uwi.edu/vcreport
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