City of Toronto to buyout employees

The City of Toronto is expected to announce a big round of employee buyouts.

A report says about 50,000 city workers will have until early September to apply online for a new voluntary separation program.

A memo obtained by the Globe & Mail newspaper says they can take a lump sum worth up to six months pay if they agree to leave.

The memo says union members will get three weeks’ pay for every year they’ve worked for the city, and managers will get four weeks for every year.

Toronto spends more than $4.5 billion a year, or about 45% of it’s operating expenditures on salaries and benefits.