The majority of NCUA employees, who are covered by a collective bargaining agreement, will receive pay increases, despite a federal pay freeze.

The pay freeze "may not, as a matter of Federal sector labor law, apply to any increase that is required by a collective bargaining agreement that has already been executed and is in effect," according to a memorandum released by the Office of Personnel Management.

The pay freeze, which Congress approved last month, applies only to executive branch agencies and not to independent agencies such as the NCUA. However, federal law can't override a previously negotiated collective bargaining agreement.

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