“Hopefully someone will give an explanation as to what it does mean though.”
This is simply authorizing the new pay rates for the various schedules of fed workers. This EO supersedes the one of a year before. It is similar to Social Security announcing the new pay rates or for the VA to announce new veterans disability pay rates.
This is normal and the pay rate adjustments are likely in line with the same percentage as SS.
Okay, that is what I figured it meant. But the talk of pay cuts gave me pause. 8>)