Valley Health implements plan to ensure employee income
Valley Health is implementing a Paycheck Protection Plan designed to retain and pay staff for the next 90 days at minimum. Due to elective surgeries and procedures being postponed and a change in focus to telehealth visits, Valley Health has lost a large source of its income, and employees have been working fewer hours. However, thanks to $50 million in reserve funds, Valley Health will maintain a minimum of 70% of the base pay for all employees with reduced hours.
In addition to this, Valley Health is putting into place a system-wide hiring freeze for non-essential positions, reduced hours for non-essential staff, required use of paid time off, adjustments in employee compensation and deferring all non-essential capital spending. This will allow for employees to remain on staff and ensure an easy transition when normal operations resume.
“We are cautiously optimistic that these short-term measures will keep Valley Health in a strong position, so we can quickly and efficiently ramp back up to capacity when this crisis ends,” said Valley Health President and CEO Mark H. Merrill.
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