USPS May Be Unable to Make Payroll in October

saathi · Jul 20th, 2009, 09:29 pm

Quote:

On July 14, unions representing United States Postal Service (USPS) workers wrote the White House with "extreme urgency" asking for a meeting to address lack of funding for both employee payroll in October and health benefits for retired employees.

The letter, which the FederalTimes.com blog provided a scanned copy late last week, says:

"[USPS] top executives are now saying that the USPS will default on a $5.4 billion payment to prefund future retiree health benefits on September 30, 2009. And its government affairs representative are now telling Congressional staff that the Postal Service may not be able to make payroll in October and will be forced to issue IOUs instead."

The letter was co-signed by the presidents of the American Postal Workers Union, National Rural Letter Carriers' Association, National Association of Letter Carriers and National Postal Mailhandlers Union, and sent to White House Deputy Chief of Staff, Jim Messina.

GovExec.com reported more on the letter in this column on July 17.

http://www.myfederalretirement.com/public/456.cfm

what is going to happen to the postal service industry ? if they are unable to make payroll , eventually they are going to have to start cutting . will usps survive ?

Haristotle · Jul 21st, 2009, 05:12 am

Saathi, tum saath do tu hum ja key stamps khareed latey hain.

Without bringing innovation into the system and adding more services UPSPS may not servive for long. Reliance on stamps and snail mail is history and an institution that does't change with the change in culture becomes dust in an old history book.