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$15,000 Early Retirement Incentive Offer to Postal Employees
August 25, 2009
The United States Postal Service (USPS) announced it is offering $15,000 as
an early retirement buyout incentive to many employees in an effort to cut
costs at a time when the USPS is struggling financially -- possibly
experiencing losses of $7 billion by the end of fiscal year 2009.
FederalTimes.com reports: "Eligible employees who accept the offer by
Sept. 25 will be offered a $10,000 payment during the first three months of
fiscal 2010 -- between Oct. 1 and Dec. 31 -- and another $5,000 payment at the
start of fiscal 2011. The Postal Service is hoping 30,000 employees accept
the offer, which would mean a one-time cost to the Postal Service of up to $450
million. But postal managers say they expect to save $500 million in salary and
benefits costs next year alone."
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