News > Lifestyle, 4:01

Hedgie gives NYC teachers a pay boost

By NexChange
Lifestyle, 4:01

Reward good teachers instead of punishing the bad, says Jim Simons, founder of hedge fund Renaissance Technologies.

Simons' philanthropic organization, Math for America, gives high performing teachers a bonus, reports Business Insider. The 20-year-old group awards 800 math and science teachers in New York City public schools $15,000 a year. U.S. teachers are paid about $56,383 annually on average, lower than other developed countries, and about 1.3% lower than 13 years ago.

"Beating up the bad teachers" does nothing but hurt the education community, says Simons in a recent TED talk interview. Rewarding the good teachers is a better approach, he says. "There's a great morale among them. They're staying in the field. Next year, it'll be 1,000 and that'll be 10 percent of the math and science teachers in New York [City] public schools," says Simons. 

Photo: collectmoments

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