(CTN News) – According to some accounts, over ten percent of the Securities and Exchange Commission’s (SEC) employees—roughly 500 out of 5,000—have taken buyouts or deferred-resignation offers and are planning to leave the organisation.

Five hundred out of roughly five thousand employees is what that represents.

According to a report released by Bloomberg on Friday, which quoted persons who asked not to be named, the number might rise as more people accept buyouts before a deadline set for this Friday, March 21. The deadline has been set for this coming Friday.

The study claims that over the past few years, the Securities and Exchange Commission has seen some of the most significant departures in the general counsel’s office, the enforcement and examination divisions, and other areas. Throughout the years, several exits have taken place.

The SEC declined to comment on the report.

In addition, the article claims that the Commission is cutting costs by ending leases for its Los Angeles and Philadelphia offices.

The goal of this is to save money. Another interesting development is that the General Services Administration is considering the possibility of ending the leases for the Securities and Exchange Commission’s Chicago office.

Since the Trump administration first offered to pay workers if they left the Securities and Exchange Commission (SEC) in late January as part of its efforts to reduce the size of the federal government, more than 700 SEC employees have agreed to leave the agency, according to Reuters.

Because of the Trump administration’s efforts, this was done in an attempt to shrink the size of the federal government. The government first offered to pay staff members if they left the regulatory agency, but this disclosure follows that offer.

The number is “certain to rise” if more employees take advantage of the latest financial incentives to quit their jobs, especially those that are set to expire on Friday, the journal said. This is particularly true for workers who utilise the incentives.

On March 3, it was revealed that the Securities and Exchange Commission (SEC) was supporting the Trump administration’s efforts to shrink the federal government by offering eligible Commission employees a compensation of $50,000 to retire or resign.

The goal of this action was to reduce the size of the federal government. It was done with the goal of shrinking the federal government when this was done.

If an employee resigned, transferred to another agency, or retired immediately, they had the opportunity to take part in the voluntary early retirement program or the voluntary separation incentive.

Employees who qualified for either of these programs were given the opportunity to do so. Every employee who met the requirements for their particular program was offered the chance to take advantage of this opportunity.

According to a report published in February, the White House had begun implementing mass layoffs across the government as part of a plan to shrink the federal bureaucracy.

This strategy reportedly reduced bureaucracy.

Newly hired employees who were still in the probationary period made up the majority of those who lost their jobs. This was true for many different types of enterprises.

Although the SBA announced that it will lay off about 2,700 of its 6,500 employees, reducing its workforce by 43 percent, and redirecting its resources to its “core missions,” the Securities and Exchange Commission (SEC) reported that its employees have departed the agency. The day on which these two announcements were made was the same day.

The Small Business Administration (SBA) said in a press release released Friday that these changes will bring the agency’s employment numbers back to their pre-pandemic levels, which took place during the first term of President Donald Trump’s administration. The press release made reference to this.

SOURCE: PYMNTS