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Wednesday, February 16, 2011
Agencies must get ready for a renewed wave of retirements, the White House says in its proposed 2012 budget.
An aging federal work force, combined with a recovering economy, could push retirements and other separations to more than 300,000 in 2011, the budget said. Between 2005 and 2008, the number of separations each year ranged from 244,000 to 252,000. But the recession slowed older employees’ retirements and encouraged others to hold on to their jobs longer. In 2009, separations fell to 212,000.
The White House said that if the reduced retirement pattern holds, the government will likely see 230,000 separations in 2011. But if separation rates return to 2007 levels, more than 300,000 employees could retire or separate this year.
Twenty-five percent of federal workers were at the retirement-eligible age of at least 55 years old in 2010, compared with 15 percent in 1998.
The White House said agencies must start collecting soon-to-retire employees’ important institutional knowledge, transferring those skills to younger workers, and hiring and developing the next generation of employees.
posted in: EmployerNews, News, Washington DC
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