The Metropolitan Transportation Authority is getting set to hand out hundreds of pink slips.

The agency yesterday filed a legally-required alert with the New York State Department of Labor about plans to lay off 750 workers.

More than 500 employees from the bus division are being let go by June 27th. The date coincides with the elimination of dozens of bus routes.

More than 120 subway workers will also lose their jobs.

This is the first time in decades the agency is resorting to layoffs to bridge a budget gap, which stands at $800 million.

The MTA calls it a painful, but necessary decision.

(Source: NY1)