In an effort to save money, the financially strained U.S. Postal Service is considering cutting 120,000 jobs. The service is facing up to $8 billion in losses for the second straight year.
The agency is also prepared to eliminate retirement and health benefits for its workers and to set up its own benefits system for its federal workers. The strapped system, to date, has cut over 110,000 jobs in the past four years and faces harsh resistance from postal unions which do not allow such layoffs. Approval from Congress is needed for either step.
100,000 of the cuts would come from attrition and the postal service would ask Congress for the ability to make direct cuts to 120,000 other positions.
