Public Service Employment Act

Public Service Employment Act - Directs the Secretary of Labor to enter into arrangements with eligible applicants in order to make financial assistance available for the purposes of providing, during each of the fiscal years 1974 and 1975, employment for five hundred thousand unemployed and underemployed persons in jobs providing needed public services.

Requires at least eighty-five percent of the funds appropriated pursuant to this Act to be expended only for wages and employment benefits.

Provides that programs assisted under this Act shall be designed with a view toward: (1) developing new careers; (2) providing opportunities for career advancement; (3) providing opportunities for continued training, including on the job training; or (4) providing transitional public service employment which will enable the individuals so employed to move into public or private employment.

Requires applications for financial assistance for a public service employment program under this Act to include provisions enumerated in this Act.

Directs that the amounts authorized to be appropriated for any fiscal year be allocated by the Secretary among the States on the basis of the proportion which the total number of unemployed persons in each such State bears to the total number of such persons in the United States, determined on the basis of the monthly average for the fourth calendar quarter of the fiscal year immediately preceding the one for which the apportionment is made.

States that the Secretary shall not provide financial assistance for any program or activity under this Act unless he determines that specified goals and requirements will be met by such program or activity.

Requires the Secretary to transmit to the Congress at least annually a detailed report setting forth the activities conducted under this Act.

Authorizes to be appropriated during each of fiscal years 1974 and 1975 such sums as may be necessary to carry out the provisions of this Act.