Factors affecting non-wage compensation for professors at the University of Los Andes

The lack of replacement programs for retired professors is a problem faced by most public universities in Venezuela. On the supply-side, the public universities do not have financial resources to replace the retired professors; on the demand-side, the impoverishment of professors remuneration represents a disadvantage of the universities in front of other better paid jobs at the time to compete for highly qualified workers. This paper formulates mixed models, controlling for selectivity bias, to determine the factors affecting non-wage income of professors and contribute to reduce the Institutional Academic Risk, considering the particular case of the University of Los Andes. The usual demographic variables, as well as non-wage benefits are considered. The results suggest that the educational level and the number of benefits are the most important factors.