COLLEGE PARK, Md. (WJZ) — Calling it “by far the largest financial crisis in the history of the university,” the University of Maryland on Thursday announced a temporary salary reduction among other measures to shore up losses caused by the coronavirus pandemic.

In a news release Thursday evening, the university said the pandemic has caused a projected $292 million shortfall for the current fiscal year.

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To address the shortfall, the university plans to temporarily cut salaries for all employees making more than $150,000. The cuts will increase in size based on salary, reaching as much as 10%.

CORONAVIRUS RESOURCES: 

Roughly 90% of employees will not be subject to cuts, the university said.

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The university had previously announced a hiring freeze and restrictions on non-essential travel to save money.

University System of Maryland Chancellor Jay Perman is himself taking a 10% pay cut due to the virus.

Other schools are expected to announce cuts in the coming days.

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For the latest information on coronavirus go to the Maryland Health Department’s website or call 211. You can find all of WJZ’s coverage on coronavirus in Maryland here.

CBS Baltimore Staff