The USPS reported a net loss of $1.6 ($1.592) billion for April 2012 according to preliminary (unaudited) data submitted to the Postal Regulatory Commission (PRC). USPS is attributing $1.017 billion of that amount to the Postal Service’s Retiree Health Benefit pre-funding expense. USPS is also reporting a year-to-date fiscal year loss of $8.1 billion ($8.056). The same period last year (SPLY) USPS reported a net operating loss of $3.304 billion– a difference of $4.752 Billion.
According to the report, ” The $7,117 Billion Year-to-date Retirement Health Benefit expense represents 7/12 and 7/10 of the $5.6 Billion due on September 30, 2012 as required by Public Law 109-435 and the $5.5 billion due on or before August 1, 2012 as required by Pubic Law 109-435 as amended by Public law 112-74. “
In previous months USPS reported a loss of $795 million in March 2012; $1.108 billion in February 2012 ; $1.262 billion in January 2012; $1.422 billion for the month of December 2011, Nov. $1.267 billion and Oct. $139 million).
OCCUPY 1300 L STREET NW, WASHINGTON DC! FIND OUT ABOUT YOUR DUES FUNDED APWU OFFICER RETIREMENT PLAN THAT YOU CAN’T USE AND THAT YOU DIDN’T KNOW ABOUT.
that is the pity, there needs to be innovation. we should not be talking as to how 500,000 weill get screwed if it is reps or dems. rather we should be talking as to how in the future usps will be a good organisation serving its customers and be a good employer!…….this is what many a few do not want to happen. rise america..give those few a surprise and show the strength and values of this great nation! rise up to our tasks.
Same story. Mounting losses with causes evident. Revenues generated cannot cover cost. Vulture politicans and strong arm management and crat unions have no concern to restructur operations in reducuing employees, delivery days, consolidating or closing offices that in reality have no justification for existence in the 21st century . Instant messaging has replaced written messages delivered to a physical address. The usps MUST adjust operations to meet demand for services or continue to operate and post massive losses. The American mailing public need for USPS IS RAPIDLY DECREASING, WHO OR HOW MASSIVE MONATARY LOSSES GOING TO BE PAID.
OK people, here’s whats gonna happen. Nothing- until after the election- If republicans win both houses of congress and the presidentcy, then we’re screwed, or should I say the junior people are screwed. If democrats win they will do away with the pre-funding and offer $ 20,000 and a couple of years seniority to those over 55 yrs. old to clear the decks. After that, the rest thats left will get screwed, no matter who you are. Take it to the bank boys and girls.
The postal service is lying about its numbers the same way the Obama administration is lying about its numbers to get votes in november, the government must really think Americans are really really stupid. Come on !!!!!!!
Sorry clerks, you will never see the years or 25 thousand dollars you are looking for. That is a fact.
In HR 1789 the Senate authorized USPS to offer a VER to postal employees which consisted of 1 year of service time added to CSRS employees, and 2 years of service time added to FERS employees. I have been working for USPS for almost 29 years, an offer of $15K will do nothing for me, KEEP IT! If you are TRUELY interesting in enticing employees to retire, offer the years…unless this action is NOT intended to provided a true incentive, merely the “illusion” of an incentive, and USPS is waiting until the election in November hoping that the Republicans get control of the White House, and both houses of Congress, then you can kiss the Post Office goodbye, as well as Social Security and Medicare, and any other program (I hate the term “entitlement’) that has been put into place to help the needy, as well as our Veterans.
The USPS is willingly to substain big money loss but don’t want to offer big cash incentive to the employee to encourage more employee to accept the VER, they are cheapo to offer $15K for VER,I think just few employee will take it,the management wanna to keep lossing revenue, then file chapter 11 or privatized, then they are going to retire before postal service become a private firm, who care? keep acting cheap and shut down business.lol……….
what will congress do if we don’t make those 2 payments.
I think Congress wants to downsize the USPS down to where it can just handle their “Franking” mail only.
I WOULD THINK THE BUSINESS AS USUAL MENTALITY OF MANAGEMENT IS RESPONSIBLE FOR SOME OF THIS DEBT. OVERTIME USED FOR STANDARD MAIL,HIRING P.S.E.CLERKS LEFT AND RIGHT. CMON LET’S TELL IT LIKE IT IS HERE!
The Simple Solution
“The solution to the post office financial deficit is simple. Give it back the money Congress, as a result of pressure from the CBO, has stolen from it over the past years. Then make future payments into the health fund for retirees actuarially based.
Once this artificially generated financial noose is removed from the postal service’s neck we can get on with helping it navigate the shoals of an uncertain future. To do this the postal service must build on its two most important assets: its ubiquitous physical infrastructure and the high esteem in which most Americans hold it. In combination, these assets offer the post office an enviable platform upon which to many new revenue-producing services.
But to do this Congress will have to remove another burden imposed by the 2006 law: a prohibition on the postal service offering non-postal services. Like issuing licenses (e.g. drivers, hunting, fishing, etc) or contracting with local and state agencies to provide services. Congress should also lift the prohibition on the post office shipping wine and beer.
In offering new services the USPS could learn from post offices in other countries. The French post office offers banking and insurance services. Remember that from 1911 to 1967 the US Post Office successfully and profitably ran a nationwide postal savings bank. The Swedish post office will physically deliver e-mail correspondence to people who are not online.
But before any of this will happen we need to fess up. The postal crisis is contrived. Let’s stop scaring ourselves silly with make believe deficit monsters and unshackle this national asset.”
Maybe the USPS should offer the clerks a VER, soon, and maybe the USPS could save money, offering 25,000 PM’s, and 48,000 mail handlers is not the way.
And the APWU should not be obstructionists, they should be more than willing to see the suffering of the crafts they represent abated, what are these people thinking?