SEC Offers $50K to Employees: Resign, Retire, or Transfer
1min read The U.S. Securities and Exchange Commission (SEC) has offered a $50,000 incentive to its employees to resign or retire, according to a recent report. This move comes amidst the Department of Government Efficiency's (DOGE) mass layoffs of federal workers, aiming to reduce government expenditures.
The SEC's offer, detailed in an email sent to employees by Chief Operating Officer ken Johnson, is open to staff members who have been with the agency since January 2024. The deadline to accept the offer is March 21, 2025. Employees who accept the incentive must resign, retire, or be transferred to another agency. If they return to work at the SEC within five years, they will have to repay the incentive in full.
This development follows DOGE's plans to cut government expenditures, leading to the dismissal of tens of thousands of federal workers. Last month, federal workers received an email from the Office of Personnel Management requesting a list of accomplishments from their workweek. Non-compliance with this request may result in job loss, as indicated by Elon Musk and U.S. President Donald Trump.
The SEC, the primary agency responsible for overseeing crypto regulation nationwide, has scaled back its crypto enforcement efforts in recent weeks. Under Acting Chair Mark Uyeda, the agency has reversed course on several enforcement actions against key players in the crypto industry, including Kraken, OpenSea, and coinbase.
The SEC's offer to employees is part of a broader effort by DOGE to reduce federal workforce costs. Eligible employees have until March 21, 2025, to accept the offer. The incentive is open to those who have been with the SEC since January 2024.
