It was predicted here and elsewhere that Harvard would wait until after Commencement to announce firings, so as not to risk disruption of the fundraisers’ graduates’ big day.

Well, the university didn’t wait very long.

Scooping the Crimson, Harvard Mag reports that Drew Faust this morning announced that 275 employees have been sacked. Many others will lose hours or work an academic schedule.

The layoffs will be announced in most of the professional schools first; they will be followed by reductions in the Faculty of Arts and Sciences (FAS), Harvard Medical School, the central administration, and several allied institutions next week. Affected employees are being offered 60 days of pay from the time of notification; lump-sum severance payments of one to two weeks per year of service; an additional four weeks of pay; and the opportunity to purchase health benefits for 18 months (including the first year at subsidized rates).

This does sound like a generous severance package—although it’s slightly hard to tell from the description if employees get all of those things, or just some—but still….painful.

The real question is, Will it be enough? Or will the ax continue to fall?

these staff-workforce reductions will make an impact on the looming budget pressures in several of the schools and allied institutions. But they do not nearly close the biggest gaps, such as the $220-million deficit looming over FAS.

That sounds like your answer, right there.

Update: The Crimson has the story now.