Search Here

The US Securities and Exchange Commission (SEC) is offering employees a $50,000 incentive to voluntarily resign or retire as part of broader federal workforce reductions under the Trump administration.

The buyout program, detailed in an internal memo from SEC Chief Operating Officer Ken Johnson, gives eligible staff until March 21 to apply.

The SEC is one of several federal agencies implementing job cuts in response to directives from President Donald Trump and the Department of Government Efficiency, led by billionaire Elon Musk.

According to Reuters, since Trump took office, over 100,000 federal employees have been laid off or have accepted similar buyouts.

A memo seen by Reuters states that the SEC's buyout program is voluntary, allowing eligible employees to resign, transfer to another federal agency, or retire early. Employees who accept the offer but return to the SEC within five years will be required to repay the full amount.

In addition to staff reductions, the General Services Administration (GSA) has informed the SEC that leases for its Los Angeles and Philadelphia offices will be terminated.

The agency is also reviewing a potential lease cancellation for its Chicago office, though Johnson stated that contractual obligations may prevent an immediate move without financial penalties.

"To be clear, these lease terminations are not associated with any reorganization or reduction in force plan regarding SEC personnel," Johnson clarified in the memo.

Union Challenges SEC's Office Return Mandate as Buyouts Loom

The SEC's decision has sparked concerns among staff, particularly as the agency recently mandated all employees, including unionized workers, to return to the office starting April 14, Yahoo said.

The union representing SEC employees has challenged this requirement, arguing that it violates labor agreements.

The Trump administration's push for federal workforce reductions is part of a broader effort to streamline government operations, which officials have criticized as inefficient and costly. Critics argue that these cuts could undermine essential government functions, including financial oversight, public health, and national security.

The SEC has not publicly commented on the buyout program, and it remains unclear how many employees will take the offer. However, with more layoffs expected across federal agencies, employees are facing increasing uncertainty about job security.

Protests against the administration's workforce reduction policies continue to gain momentum, with demonstrators targeting agencies and companies associated with Musk.

Meanwhile, more federal employees may be forced to decide between accepting buyouts or risking potential layoffs in the coming months.

Tags

SEC