Copyrighted Image? DMCA | While details of the House and Senate versions of the budget differ, both chambers have approved slashing the size of the federal workforce by 10 percent through attrition, increasing the contribution workers make toward their retirement savings and cutting the share of health insurance covered by the government. Among the most worrying cuts for employees is a perennial proposal that would require workers to contribute about 6 percent more of their paycheck to retirement savings -- an idea that critics say amounts to a pay cut. It comes from a bipartisan deficit reduction proposal crafted by the Simpson-Bowles commission in 2010. |
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