Cash-strapped Toronto college offering to pay off teachers who quit

A post-secondary institution in Toronto is offering voluntary exit packages to teaching staff, citing ongoing financial challenges despite a recent round of provincial funding.

Humber Polytechnic confirmed in a letter to employees that it has introduced a Voluntary Employee Exit Program in order to minimize the need for involuntary layoffs.

This move comes just two weeks after the Government of Ontario announced $6.4 billion in education funding while simultaneously ending its seven-year tuition freeze and reducing OSAP loans.

In the letter sent to staff on Monday, the school says it continues to face financial hurdles driven by several ongoing factors.

"Humber continues to navigate significant fiscal pressures outside of this investment, including caps on international students, rising operational costs driven by inflation, and the structural impacts of years of constrained funding," writes Humber Polytechnic president Ann Marie Vaughan.

Vaughan warned in the letter that "While we are taking every step to minimize impact on our people, the reality is that workforce reductions may be required."

These challenges are not unique to Humber. Colleges across Ontario have already cut costs by $1.4 billion, suspended more than 600 programs and eliminated over 8,000 jobs. Several institutions, including Seneca College and Algonquin College, have announced campus closures, while others, like Sheridan College, have suspended dozens of programs.

The voluntary exit package is available to all full-time staff at Humber Polytechnic, including faculty, executives and support staff. Employees have until March 9 to accept the offer.

The school will provide further updates once decisions are finalized.

Premier Ford brushed off concerns about Humber's financial challenges when asked about the subject during a Wednesday press conference, telling reporters, "I wish them all the best," and adding that Humber's administrators should "run [the school] like a business."