SEC Layoffs: US capital markets regulator offers $50,000 to employees as incentive amid federal job cuts
US capital markets regulator, the Securities and Exchange Commission (SEC), is offering eligible employees $50,000 as an incentive to resign or retire by April 4 amid ongoing federal layoffs.
United States' capital markets regulator, the Securities and Exchange Commission (SEC), is offering eligible employees $50,000 as an incentive to resign or retire by April 4, 2025, reported the news agency Bloomberg, citing an official email on Tuesday, March 4.
According to the news agency's report, the email message was sent by SEC's Chief Operating Officer (COO) Ken Johnson to all the staff members on Friday amid the Donald Trump administration's efforts to layoff federal government employees and fire thousands of workers.
SEC Offer Details
The email also specified that the offer is a voluntary separation incentive or a voluntary early retirement program offered to eligible employees, reported the news agency, highlighting that the deadline for accepting the offer is March 21.
The report also focused on the offer's eligibility criteria, which marks that the employees must have been on the agency's payroll before January 2024. The offer also will also mandate that the employees will leave through resignation voluntarily, transfer to another agency or immediately retire.
The offer also specified that in case an employee returns to the SEC withing five years of the voluntary separation agreement, they must pay back the $50,000 incentive in full, according to the email cited by the news agency.
According to the news report, an SEC spokesperson refused to comment on the development. LiveMint couldn't independently verify the report.
The news agency's report also highlighted that last week, the SEC instructed all its staff including the unionized workforce to return to work from office starting April 14.
Federal employee layoffs
Billionaire Tesla founder Elon Musk and US President Donald Trump's administration are cracking down on US federal employees, directing them to report their recent achievements and implying that those who fail to comply will likely face termination, reported multiple foreign news agencies.
The news agency Reuters reported citing a “memo” that Donald Trump's administration was directing the federal agencies to submit plans for a “significant reduction” in staff size by March 13, 2025.
However, the memo did not specify the scale of the layoffs, but it was signed by White House budget director Russell Vought and Office of Personnel Management acting head Charles Ezell, according to the agency report.
According to an AP report, this layoff frenzy is turning out to be a source of anxiety and confusion for many workers as the new Trump administration tightens its grip on the federal government.
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