The Metropolitan Transportation Authority held a board meeting in Midtown Wednesday about announced plans to save $50 million by laying off 500 station agents and more than 600 administrators.

MTA Chairman and Chief Executive Officer Jay Walder said the cuts were necessary and would take effect in 60 days.

"We'll be following a process for all of our represented employees as contained in their collective bargaining agreements and following statutory protection, and in regard to our non-represented employees, we'll be following a process that seeks to do this as well," Walder said.

Up to 500 subway station agents systemwide, who are members of the Transport Workers Union, are among those on the chopping block. An MTA spokesman said they're working on the list of stations that will be affected.

The MTA says it will also start asking for voluntary resignations from as many as 600 non-unionized administrative employees this week.

Those employees will be offered a severance package, but if not enough accept, the cash-strapped agency says it will have to resort to layoffs.

"Nobody likes the situation that is here. These are hard working dedicated men and women who have been working for the organization," Walder said.

The TWU and transportation advocates say the cuts in MTA personnel will put riders at risk and only amount to about 1 percent of the agency's budget.

"I think it's a mistake to cut the station agents, and we said that a year ago when this was first proposed," said Gene Russianoff of the Straphangers Campaign. "They're really a source of information and security for riders, whether it's giving you a map or teaching you how to use a MetroCard vending machine, or it's the beginning of your experience in the subways. It makes me ill to think of all these locations - dozens now - that will not have anybody present, and it's a temptation for fare evasion."

In December, the MTA's budget gap was estimated at $383 million, but the agency found an additional $378 million gap based on revised state revenue projections.

The MTA has already announced the upcoming elimination of two subway lines, service on various bus lines, hundreds of bus drivers and subsidized student MetroCards.

The agency is holding public meetings next week to allow New Yorkers to speak out about the proposed cuts.