The FDIC and NTEU Reach a Compensation Agreement for 2020
The Federal Deposit Insurance Corporation (FDIC) and the National Treasury Employees Union (NTEU) recently announced their agreement on compensation for 2020. The agreement covers approximately 4,000 FDIC employees represented by the NTEU.
The agreement includes a 2.5% across-the-board increase in pay, effective January 5, 2020. In addition, employees who are at the top of their pay bands will receive a special increase of $1,500. The agreement also includes a new pay band structure for employees in the Financial Institution Specialist (FIS) position.
The FIS position is a critical role in the FDIC`s mission to protect depositors and promote financial stability. These employees are responsible for examining and supervising financial institutions to ensure they are operating safely and soundly.
Under the new pay band structure, FIS employees will receive increased pay and opportunities for advancement. The FDIC hopes that this will help attract and retain highly qualified employees in this important role.
The NTEU and FDIC worked collaboratively to reach this compensation agreement, which reflects the value of the contributions made by these employees. The NTEU is an organization that represents 150,000 employees in 33 federal agencies and departments.
Overall, the agreement demonstrates the importance of fair and competitive compensation for federal employees. The FDIC recognizes the dedication and hard work of its employees and values their talent and commitment to the mission of the agency.
In conclusion, the FDIC and NTEU compensation agreement for 2020 is good news for FDIC employees, particularly those in the FIS position. The increase in pay and new pay band structure is a positive step towards recognizing the critical role played by these employees in promoting financial stability. This agreement reflects the FDIC`s commitment to providing fair compensation and recognizing the contributions of its employees.