Daily Recession covers the world as it goes into recession. The financial crisis, stock market crash, bankruptcies, job cuts, and the turmoil that follows.

Newport considers laying off 25 workers

Posted: April 8th, 2011 | Author: | Filed under: By Location, UK | Tags: , | No Comments »

In a move to stave off rising pension costs and save money for capital improvement projects, Newport Beach officials may lay off 25 workers and eliminate 30 vacant positions.

About 60 employees received letters Wednesday, saying someone in their position could be eliminated, but the actual layoffs will be based on seniority.

Presently, the city pays about $20 million to the state Public Employee Retirement System. Projections show that amount increasing by $8 to $10 million in the next two years.

Public employee unions, which have increased their share of pension contributions in recent years, were taken off-guard.

From: Daily Pilot

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