USPS Offers Buyout to Workers

In order to save $500 million in costs next year, the U.S. Postal Service will offer buyouts to 30,000 of its workers, according to the agency itself. According to a news release, the USPS plans to negotiate with two employee unions and work out a deal that would allow the USPS to give financial incentives to certain employees so that they retire or resign early.
 
The American Postal Workers Union and the National Postal Mail Handlers Union have both settled on the agreement for this one-time offer, while employees represented by the National Association of Letter Carriers and the National Rural Letter Carriers’ Association will not be allowed to participate in the offer.
 
Throughout the country, the USPS employs about 656,000 workers. According to the terms of the agreement, employees who agree to resign or retire before the end of this fiscal year will be paid $10,000 for the first three months of fiscal 2010, and well as another $5,000 in fiscal 2011. When all is said and done, the USPS hopes to save $6 billion in costs.

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