A new report that has emerged regarding the dismal financial situation of the Postal of the country indicates that the department is “unlikely” to make the complete/required pension and health payments to its retirees in the near future. Apart from this, what’s even more threatening is that the liabilities and the debts that have begun to mount to extraordinary levels could even hamper the existence of the government body in general.
Postal service unlikely to award pension payments:
The report was published this past week by the Government Accountability office and it suggested that the expenses of the postal service have begun to exceed considerably after the fiscal year 2007 and it has now caused the government body to suffer a loss of around 57 billion in the last 8 years.
Lori Rectanus who is the director of physical infrastructure issues at the GAO has said that the USPS is a critical constituent of the country’s communication channel and it was responsible for delivering around 154 billion pieces of mail in the last fiscal year to around 155 million delivery points and has around 620 thousand employees.
The current state of the department is really dismal and there have hardly been any other cases when a government body has found itself reeling for support and suffering from such severe losses. Lori further said that USPS hasn’t got any resources to substantially stay in operation and to cover its expenses and this has put the mission of enabling reliable services to the society at a huge risk.
While there is a crisis in hand, the employees are deserving of the pension and health payments regardless. The government needs to chip in and the postal service needs to be given the resources that they direly need in order to not only stay in operation fully but to also provide their retirees with the benefits that they deserve.