The US Postal Service is making changes in management and giving thousands of employees early retirement. The Postal Service is set to offer 150,000 workers the option of taking an early retirement, as well as make cuts in management. The Post Office will also be closing offices as part an effort to eliminate over 1,400 management positions, in response to financial losses caused by the troubling economy.
The Postal Service has stated it has had to cut millions of work hours, halted new construction projects, freeze executive salaries, and other activities to adjust to the financial shortfall from dramatic decreases in mail volume.
The Post Office is stated to have reported $384 million in first quarter losses for the fiscal year.