Tag: USPS

The Senate passed legislation yesterday to allow the U.S. Postal Service to scale back some of its pension payments, a move that would keep postal rates flat until fiscal 2006. The House is scheduled to consider an identical bill today. Under both bills, the Postal Service would keep billions of dollars it would have paid into the Civil Service Retirement System fund, which covers employees who joined the agency by 1983. Projected savings include USD 2.9 billion this fiscal year and USD 2.6 billion in fiscal 2004, according to USPS estimates

The US Postal Service continued its drive for excellence by raising the national average for on-time delivery of First-Class Mail with a next-day delivery standard to an unprecedented 95 percent. It achieved this score during Quarter II (Nov. 30, 2002 through Feb.17, 2003) while delivering to a record 140 million addresses during one of the worst winters in recent memory. The record breaking achievements were reported at the monthly meeting of the Postal Board of Governors here. This now extends the national average of at least 93 percent to five-and-a-half consecutive years.

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The US Postal Service finished the first half of its fiscal year – its highest revenue period – USD1.65 billion in the black, the agency reported Tuesday. Chief Financial Officer Richard Strasser reported that while mail volume is still down because of the uncertain economy, the Postal Service has been able to cut costs and increase productivity. For the fiscal year that started in September, revenue so far is USD32.8 billion and expenses have totaled USD31.1 billion, leaving a net income of USD1.65 billion, Strasser told the agency’s board of governors. For the first half of last fiscal year, the post office had revenues of USD31.0 billion and expenses of USD31.2 billion for a net loss of USD195 million.