Business

US Postal Service to offer employee buyouts

Friday, March 25, 2011

The U.S. Postal Service plans to offer employee buyouts, hoping to eliminate about 7,500 administrative and executive jobs.

The Postal Service lost $8.5 billion last year.

It's hoping the $20,000 buyouts for veteran workers, plus the closure of seven district offices, will save $750 million a year.

The Postal Service has already asked Congress to let it end Saturday delivery, but an independent commission says savings from that would not be as much as previously thought.

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