Also in the News: Thousands of feds hit pay raise cap
More than 7,000 federal employees have hit the GS-15 salary cap of $149,000 and stand to lose thousands of dollars in pay and retirement income, according to the Federal Times.
Employees in Washington, DC, hit the cap this year and those in Philadelphia, Seattle and Minneapolis will reach it in January. Citing a Congressional Research Service report, Federal Times reports that if those workers retire at the end of this year they could lose more than $141,000 in retirement income over 20 years, and the problem will only get worse for other employees.
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