Social Security Administration Offering Voluntary Buyouts Ahead of Job Cuts
The Social Security Administration (SSA) are offering workers a financial bonus if they voluntarily resign from their positions, with incentives ranging from $15,000 to $25,000, after the agency warned they will soon be…
The Social Security Administration (SSA) are offering workers a financial bonus if they voluntarily resign from their positions, with incentives ranging from $15,000 to $25,000, after the agency warned they will soon be making job cuts.
According to CBS News, a message was sent to Employees telling them the agency will be implementing a restructuring plan, including its workforce on Thursday.
The Office of Personnel Management were also advised that they submit plans to reduce its workforce and reorganize its structure by March 13.
Social Security Employees were offered three options before the cuts take place – they could be voluntarily reassigned; voluntarily take Early retirement; or take voluntary separation incentive payments, if they were eligible. Those who choose to take the latter must opt in by March 14 and leave by April 19.
The amount an employee would receive for incentive payments depends on where they are on the federal pay scale, however, the SSA said that Employees who choose the payments could be put on leave through April 19 and would be required to not have accepted any other Buyout offers.
President of the advocacy group Social Security Works, Nancy Altman, told CBS News that Employees opting in could put further strain on the agency, but noted that if they don’t take it, they could lose a sense of job security.
“If people don’t take it, then they’re going to be constantly looking over their shoulder, looking through their email waiting to see if they get fired,” Altman said. “It’s going to add stress, chaos and uncertainty.”
Altman advised employee to check if the severance pay would amount to more than the one-time check.
Probationary Employees who have worked at the agency for less than a year, however, would not be eligible for the incentive payments and are required to have worked in the executive branch for a minimum of three years.
Employees taking Early retirement would need to opt in between March 1 and Dec. 31, the employee must be at least 50 years old and have 20 years “creditable service,” or have 25 years of creditable service regardless of age.