The announcement came in a letter from the Chairman of the Board of Governors, Professor Ken Julien, to all members of staff on Wednesday.
C News received a copy of the letter outlining the areas of reduction, resulting from a decrease in UTT's 2017-2018 recurrent allocation.
The decrease, according to the UTT Chairman, has resulted in a projected shortfall at the end of the fiscal year, and the inability to meet its payroll liabilities beyond January 2018.
The Chairman said talks regarding the restructuring were initiated with the Recognised Majority Union in April of this year.
Among the changes that will be made are reducing the number of Vice Presidents from seven to three, and reducing the management structure by approximately 40%.