For years, proposals to reform the U.S. Postal Service have stalled on the Hill, but last week a congressional panel said the need for legislative action is more urgent than ever.
The United States Postal Service reported a $5.1 billion net loss in a report on its fiscal 2015 financial results last week. The net loss was actually a $448 million improvement from fiscal 2014, which saw a $5.5 billion net loss.
The Postal Service will undertake cost saving measures and service changes in 2013 to increase available revenue, says Postmaster General Patrick Donahoe.In his State of the Postal Service presentation, Donahoe said on Jan. 24 the service remains "in a very tenuous position as far as cash on hand" because Congress has not passed legislation to aid the Postal Service.
More than 25,000 employees have accepted an early-retirement offer from the United States Postal Service, part of the agency's attempts to cut its workforce and costs, said a spokesperson for the American Postal Workers Union. The Postal Service finished fiscal 2012 with a $15.9 billion loss.
The Postal Service had a record loss of nearly $16 billion in fiscal 2012 compared to a loss of $5.1 billion in fiscal 2011, the agency said. The agency described $13.4 billion of its losses as "outside the control of the Postal Service in the short-term."