The Board of Regents of Covenant University, Ota, Ogun State has approved a 20 per cent salary increase for the faculty and staff members of the institution to cushion the effect of the current economic challenges in Nigeria.
Speaking during the University’s Friday Faculty Fellowship at the University Chapel, the Vice-Chancellor, Professor Abiodun Adebayo, announced the new development.
He explained that the decision by the Board to implement the pay raise was to serve as an intervention to cushion the adverse effect of increased inflation on the economy.
The Vice-Chancellor appreciated the magnanimity of the Board of Regents of the University, led by the Chancellor, Dr. David O. Oyedepo, in making such a compassionate decision in alleviating the harsh economic state of the country for the University’s workforce.
He also congratulated members of faculty and staff for being fortunate to be part of this great initiative of the Board.
The new pay rise which took effect from September 2023, is expected to boost the morale and commitment of the Faculty and Staff of the University.
It is also expected to engender a fresh drive and vigour in the pursuit of the institution’s vision of raising a new generation of leaders as well as the actualisation of its newly unfolded Vision 7-2030 agenda.
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