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 target=_blank>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."

To review the August 25 letter from Postmaster General John E. Potter, go here:

https://liteblue.usps.gov/news/link/2009/nl_0825extra.pdf