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Thousands of University of Wisconsin System employees would receive 2 percent annual raises over each of the next two years if lawmakers and the System’s governing board approve a plan officials released Monday.

The across-the-board pay increase is a necessary step to retain employees and start to close the gap between what workers are paid at UW and what they can make at other universities, according to System officials.

It would cost an estimated $70 million total.

The proposal comes as a report on faculty turnover within the System showed an increase in the number of professors leaving UW institutions over the past year.

While competitors have been increasing pay for university employees, System spokeswoman Stephanie Marquis said, UW workers have in effect experienced pay cuts in recent years as a result of furloughs and requirements that they contribute more for benefits.

“UW institutions compete nationally and internationally to attract the most talented faculty and staff,” Marquis said. “It’s time to reinvest in our workforce so we can recruit and retain the best faculty and staff for our students and remain a world-renowned system.”