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Reply to "Are SEC/CFPB/FDIC/OCC Employees Exempt from Federal Raise Announced by Biden?"
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[quote=Anonymous]they all have their own differing pay structures, and the agency increase depends on what the union negotiated. for example, SEC employees hired before the end of the fiscal year will get a 2.65% merit increase on top of the GS increase in both 2023 and 2024, and folks that hit the top of their payband will get a lump sum bonus for whatever would be left on the table, but raises aren't given until the april pay periods so usually show up in the first may paycheck. SEC also uses the OPM locality pay structure. OCC has their own locality pay, and the union negotiates the raises. i think the structure increase is the % increase in the paybands, which is different than the merit raise %age. OFR follows the OCC negotiated rates, not sure if CFPB follows OCC or FRB. [/quote]
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