ALBANY, N.Y. — With layoffs hanging in the balance, New York’s second-largest public workers union is set to announce whether it will accept a contract proposal negotiated with Gov. Andrew Cuomo.

The Public Employees Federation’s 56,000 members already rejected one contract proposal. Cuomo had vowed 3,500 layoffs would follow but held back and returned to the bargaining table.

Under the new terms, wages would be frozen this year, in 2012 and in 2013, except for any annual step increases members get in their specific positions. Wages would increase 2 percent in 2014.

Cuomo has already won concessions from other public worker unions including wage freezes, unpaid furloughs and higher health care contributions to save the state $450 million this year and avoid 9,800 layoffs.