Sorry, folks!

"An assistant professor earning $6,000 per month receives promotion to associate professor, effective at the beginning of the new academic year, and is awarded a salary increase of 8%. The faculty member’s new base salary becomes $6,480. The faculty member’s actual salary during the furlough program would then be reduced by 9.18%, so that the actual monthly salary for the duration of the program would be $5,885.13..."

Tsk-tsk...

I feel sad for all my colleagues who got promoted this year and thus received the coveted and much awaited

rank promotion = financial demotion.