Postal Service offers workers $15K to quit – Future Retirees May Lack Funds too

We have all read about the Post Office and the fact that they need money too, so now to cut costs, folks are being offered a buy out to leave.

Healthcare Benefits for Future Retirees of the US Postal System in Financial Jeopardy

The Senate Homeland Security Committee approved a bill week that would give the Postal Service temporary relief from making full payments to the benefits fund and increase their ability to borrow money. The House already passed a bill to allow the Post Office to alter how they finance paying for health care benefits and who knows they may be back into negotiating a new contract like many other government agencies have done. They are also considering a 5 day work week and closing facilities. Perhaps paperless methodologies are having an impact after all this time, not good news for the post office though. BD

The U.S. Postal Service is offering thousands of employees cash incentives to retire or resign by the end of this fiscal year.

The latest cost-cutting move by the Postal Service could save it up to $500 million next year.

The incentive package, negotiated with unions, would give eligible employees $10,000 during the first quarter of fiscal year 2010, and another $5,000 during the first quarter of fiscal 2011. As many as 30,000 employees are eligible, the Postal Service says.

The offer is not being made to letter carriers. The majority of those eligible work at mail processing facilities.

The Postal Service is aiming to cut $6 billion in expenses this fiscal year by closing offices, halting new construction and cutting jobs.

The General Accounting Office recently added the Postal Service to its list of high-risk federal areas in need of change.

Postal Service offers workers $15K to quit - South Florida Business Journal: