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USPS reports record loss

8:11 PM, Nov 15, 2012   |    comments
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The US Postal Service delivered a record loss for the 2012 fiscal year -- $15.9 billion.

That's compared to a $5.1 billion loss the year before.

And it happened despite what the Postal Service calls a year of record productivity and an 8 percent growth in shipping and package business.

The Postal Service blames the loss on Congress for requiring them to set aside billions for retiree health benefits.

Other federal agencies are not required to "prefund" retirement benefits and postal officials say because of the mandate, the retirement fund is overfunded by $11 billion.

The Postal Service is calling for a legislative overhaul while making plans to cut 150,000 workers through 2015, reduce other staffers' hours and raise the price of first-class stamps.

 

 

 

 

 

 

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