WASHINGTON (AP) — The Social Security Administration is preparing to lay off at least 7,000 people from its workforce of 60,000, according to a person familiar with the agency’s plans who is not authorized to speak publicly. The workforce reduction, according to a second person who also spoke on the condition of anonymity, could be as high as 50%.

The Social Security Administraton's planning mass layoffs. What this means for its workers and Social Security beneficiaries.

The Social Security Administration is preparing for “significant workforce reductions.” As part of these changes, it has offered current employees up to $25,000 to resign. The Office of Personnel Management issued a memorandum earlier this week advising agency heads to have their reorganization plans developed by March 13,