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Washington
Fed pay freeze comment postponed by NCUA
ALEXANDRIA, Va. (11/30/10)--President Barack Obama on Monday announced a pay freeze for all civilian government employees, and the National Credit Union Administration (NCUA) said that it would defer making any public comment on the freeze until the full details are released. The pay freeze, which will be in effect from the 2011 fiscal year until the end of fiscal 2012, will save an estimated $2 billion during the remainder of fiscal 2011. The plan will save $28 billion over the next five years, and more than $60 billion over the next 10 years, according to White House estimates released on Monday. The freeze “will apply to all civilian federal employees, including those in various alternative pay plans and those working at the Department of Defense--but not military personnel,” the White House said in a release. The pay freeze, however, needs congressional approval to become effective. The NCUA earlier this month approved $7 million in new spending to provide a net increase of 5.7% in pay and benefits to its employees. The NCUA increased its overall budget for 2011 by $25 million. Credit Union National Association (CUNA) President/CEO Bill Cheney has questioned the NCUA's budgetary increase, saying that CUNA was concerned that the NCUA was "asking for more resources from credit unions at a time when so many credit unions are feeling the pain of an obstinate recession."


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