To the editor:
It is high time that the New York State legislature, the Governor’s office and various labor unions come together and make early retirement incentive buyouts happen now for state and local employees such as teachers, social workers, police officers, fire fighters, and other civil servants.
All told, early retirement incentive buyouts would be a win-win-win for the parties involved. State and local payrolls would save money by shedding high end salaries of those close the conclusion of their careers. Retirees collecting their pensions earlier would have an added means to cover some of their financial and health care expenses; moreover, this would plow tax money back into the state coffers.
Layoffs would be an expensive, dispiriting option for state employees and ultimately NY State as it would be a most inefficient form of financial support; folks would go on unemployment benefits temporarily and perhaps turn to other forms of state assistance. Incentive buyouts would clear the way for younger workers to be given a chance to replace the positions vacated by the early retirees and likely lower, to a degree, the soaring NY State unemployment rate.
Early retirement incentive buyouts would address one piece of the very complex puzzle NY State is faced with during these most challenging times. Older workers stepping aside may be the safest thing for them given the pernicious characteristics of the Coronavirus. NY State and City have weathered other storms before by offering similar incentives in the mid-1990s and following 9-11,