United States Postal Service To Cut 120,000 Jobs

In order improve its financial situation, the U.S. Postal Service is proposing to cut its workforce by 20 percent and withdraw its employees from federal health and retirement plans.

These measure are being pursued due to an extreme dip in mail volume, dropping by 20 percent over the last four years. During that same period, the service lost $20 billion.

The USPS has already reduced its workforce by 212,000 in past 10 years and have proposed cutting an additional 120,000 to be cut by 2015 in order for the service to remain solvent.

The layoffs are said to be achieved by breaking labor agreements that would ultimately require congressional approval.

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