10/01/2013 06:39 EDT | Updated 12/01/2013 05:12 EST

University of Alberta announces 121 voluntary buyouts affecting faculty and staff

EDMONTON - More than 120 University of Alberta faculty and staff have accepted buyouts as the school struggles to deal with government budget cuts.

The university says the buyouts should save up to $14 million a year towards meeting a $56 million budget reduction.

The 121 voluntary buyouts will cost almost $17 million.

The buyouts include 53 professors, 20 associate professors and four assistant professors.

Martin Ferguson-Pell, acting provost of the university, says the Faculty of Arts took the biggest hit, but all faculties will be affected.

He says most of the people who accepted the buyouts are near the end of their teaching careers. (CHED, The Canadian Press)