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The U.S. Postal Service, continuing to trim its enormous work force as first-class mail volume shrinks and mail-handling technology improves, is seeking approval to offer early retirement to about 58,000 workers.

While the Postal Service reported a higher-than-expected profit of $1 billion for its first fiscal quarter, it had losses of about $2.5 billion during its three most recent fiscal years.

Meanwhile, first-class volume, which generates more than half of all mail revenue, continues to face attack from electronic alternatives. First-class volume is down 1.8% to 31.5 billion pieces so far in the current fiscal year compared with a year earlier.

Postal Service Seeks to Eliminate 58,000 Jobs

http://www.smartmoney.com/bn/ON/inde...29-000835-1135
 
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