The U.S. Postal Service missed a $5.6 billion payment for retiree benefits due to the Treasury at the end of September, the second time the agency has defaulted on the payment this year, the New York Times reports.According to Ron Nixon’s story, the agency expects to record $15 billion in net operating losses for fiscal year 2012, which includes both missed payments.
In July, the agency announced it would not make a $5.5 billion payment for retiree health benefits and was set to default on the payment due in September.
The loss figure includes both missed payments totaling $11.1 billion and the agency also owes a $1.5 billion workers’ compensation insurance payment to the Labor Department.
While the agency believes it will likely make that payment, it would be left with a $100 million cash shortage, Nixon reports.
USPS needs to get rid of Upper Management jobs, they have increased positions by 50% in the past 15 years. All making six digit figures and does not work in the postal jobs . They gave themselves a 49% raise and activated it back six months knowing full well that the USPS WAS in trouble. THESE are the jobs Congress needs to look at and get rid of, and leave rural PO alone.
Most of upper managers are on e-Travel to boot and they don’t stay at a Motel-6 costing the Postal Services Millions