The ballooning pay of New University Fat Cats

In recent years the higher education workforce has experienced an erosion in in real earnings and a rising threat to job security due to a toxic combination of funding cuts and falling demand from courses because of economic recession, rising student fees and limits on overseas students. Yet a strata of senior management has never had it so good. According to an analysis of 2011-12 university financial statements by Grant Thornton for Times Higher Education (THE), almost two-thirds of the UK’s vice-chancellors and principals - 98 in total - received increases greater than the derisory £150 rise awarded to higher education staff nationally:

http://www.timeshighereducation.co.uk/features/the-annual-pay-review-are-v-cs-worth-every-penny/2002791.fullarticle
The analysis identifies that many of the largest rises were awarded to the leaders of post-1992 universities. THE reports that ‘the pay of George Holmes, vice-chancellor of the University of Bolton, increased by 25 per cent to £229,800 after he was awarded a one-off retention bonus of £42,700. That payment was made by the university’s remuneration committee to "incentivise the vice-chancellor to remain at Bolton to secure stable leadership during a time of change" and was issued shortly before Bolton announced plans in November to save £5 million a year after a 25 per cent drop in its student intake compared with 2011-12 levels.’ 92 posts were deleted and several UNISON branch officers were made redundant.