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Thursday, July 10, 2014

How much can the Postal Service offer as an early retirement incentive (VSIP)? Lump-sum payments up to $25,000 as an incentive to voluntarily separate

How much can the Postal Service offer in an early retirement incentive (VSIP)? $25,000

"...The Voluntary Separation Incentive Payment Authority, also known as buyout authority, allows agencies that are downsizing or restructuring to offer employees lump-sum payments up to $25,000 as an incentive to voluntarily separate. When authorized by the Office of Personnel Management (OPM), an agency may offer VSIP to employees who are in surplus positions or have skills that are no longer needed in the workforce who volunteer to separate by resignation, optional retirement, or by voluntary early retirement, if approved. By allowing employees to volunteer to leave the Government, agencies can minimize or avoid involuntary separations through the use of costly and disruptive reductions in force (RIFs). Agencies such as the Department of Defense that have been granted agency-specific VSIP authority are not required to seek OPM approval for their use of this option...."    

This Article is From: www.opm.gov
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