News Briefs

THE DAILY FED

News Briefs

The following news summaries are from OPM AM, the daily newsletter of the Office of Personnel Management. OPM AM is available on OPM Mainstreet, the agency's electronic bulletin board, at 202-606-4800.

THE FEDERAL DIARY--"If you have lunch plans at a local restaurant on Friday, Jan. 3, better book a table now. The first Friday in 1997 could be a big retirement-party day, because thousands of feds are pulling the plug on the 3rd. Reason: money and money. Here's the deal: Federal workers get lump-sum payments for unused annual leave after they retire. The payments are based on the salary rate in effect when they would have' used the leave. Some high-paid feds with lots of unused leave can get lump-sum payments worth thousands of dollars" (The Washington Post).

CLINTON FILLS OUT ROSTER FOR WHITE HOUSE TEAM--"Four years ago, President Clinton filled his White House with ambitious and occasionally wide-eyed campaign veterans, whose zeal to grab the reins of power led more than once to trouble. This time out, he's filling his White House with folks who had to be talked into taking their jobs....The hesitation of the new White House team isn't due to lack of enthusiasm for Clinton--all of the people named yesterday have fashioned reputations for loyalty--but from a weary awareness of the emotional and sometimes financial demands of White House service. Collectively, they are a group of people who have been through the wash" (The Washington Post).

CPI REPORT COMING UNDER FIRE--"The recommendation of a congressional commission for a downward revision of the consumer price index is encountering strong criticism from some economists, who question the technical basis for its conclusion that the CPI substantially overstates inflation. The negative reaction from experts is politically important because it may deter the Clinton administration from acting on the commission's recommendation. Treasury Secretary Robert E. Rubin said this week that the administration won't propose cutting future cost-of-living increases in federal benefits tied to the CPI unless the experts come back with a broad-based agreement' on how much the CPI may overstate inflation" (The Washington Post).

CHRISTMAS ON WEDNESDAY? BAH, HUMBUG!--"Ask anyone for a comment about Christmas falling on a Wednesday, and you'll probably hear a complaint. Managers say it impairs productivity for at least a week--and probably two because of the Wednesday New Year's Day. Retailers say it hurts sales because there are only two weekdays in the week before the holiday. And workers have no natural bridge to either weekend" (The Wall Street Journal).