As you may have heard, the Executive Level II salary cap previously set at $212,100 increased to $221,900 effective January 1, 2024. Institutions can re-budget, where appropriate, salaries at the Execute Level II level on existing awards. No additional funds will be provided.
As in years past, MIT will utilize the new cap starting with the first pay period after notification, February 1, 2024. If you do adjust your salaries, please keep in mind:
- The associated EB and F&A charges will also increase relative to the increase salary costs.
- You should also review your cost sharing templates and make updates as needed.
As a reminder, the salary cap increase must be consistent with the current salary in place and no additional funds will be provided.
Please let us know if you have any questions or concerns.