The United States Postal Service (USPS) concluded FY 2008 with a $2.8 billion loss, marking the second consecutive year of billion-dollar losses for the Service. Both revenue and volume for First Class and Standard Mail declined in Q4 compared to the same period last year.
As FY 2009 began, USPS acknowledged that layoffs were being considered. Such layoffs, which would have been the first in USPS history, never took place. The agency did, however, offer early retirement to 156,000 postal employees during Q4 and parts of Q1; between three and five percent accepted. USPS asked Congress in November for permission to dip into the trust fund for future retiree and health benefits in order to finance current retiree health benefits. Rep. John McHugh (R-N.Y.) introduced a bill in December to approve such action.
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