Troubled banking giant Citigroup has been discussing a proposal to raise employees’ base salaries by as much as 50 percent this year, according to a published report.

The measure is meant to compensate staffers whose annual bonuses will be reduced and to induce them to stay with the bank.

As an added perk, Citigroup will award millions of new stock options to employees, who have seen their shares plunge 55 percent this year. Citi closed at $3.01 yesterday, up 1 cent.

Bank managers began discussing the proposed changes with employees this week and they could take effect within weeks, according to the report.

It’s not known whether the proposals will pass muster with the Obama administration, which is clamping down on compensation and bonuses at companies that have received funds under the Troubled Asset Relief Program.

Two weeks ago Ken Feinberg was named as “special master,” to monitor compensation at TARP firms.

Citi has received a total of $50 billion in government relief. It has not repaid any of that yet.

Earlier this month, the government initiated a $58 billion preferred swap of Citi’s shares, giving it a 34 percent stake and making it the bank’s largest shareholder.