With the May preliminary financial results now out, the Postal Service appears likely to complete this year in better financial shape than expected when forecasts were made last September. Volume remains stronger than expected for the full year and even the slowdown in the economy this Spring appears to have done little more than push volumes and revenue back to original expectations. Given that the next two quarters should see growth double-digit growth in parcel volumes and an unprecedented level of political campaign spending on mail, the Postal Service faces the challenge of improving service quality while adjusting its staffing operating plans to handle higher volumes than it expected when current operating strategies were approved.
The financial results continue to show that there is no need for maintaining the accelerated payment schedule for retiree health benefit obligations. The Postal Service’s business is not going away and a rational payment schedule combined with other changes allowing the Postal Service to cut its costs and increase its revenue would ensure that these obligations are covered before they are incurred.
The financial results also provide further support for repatriating the excess assets in the FERS and CSRS accounts to the Postal Service and adjusting the funding formula used to calculate the annual contribution to FERS and CSRS to cover the annual change in liability for benefits of Postal Service employees. Repatriating the current overfunding would provide the Postal Service with a significant cash cushion to make capital investments needed to improve serve and handle the rapid growth in its parcel business. Adjusting the funding formula to acutal changes in liability will reduce annual operating costs, improve the bottom line and eliminate the need for repatriation of overfunding in the future.
The USPS Preliminary Financial Information – May 2012 is available on the Postal Regulatory Commission website.
Guffey and USPS are hammering out the work back bull, Maintenance has it , lead clerk has been instituted in some places, APWU is trying to push USPS into getting this work back in total or agreements as such for later on, holding the VER hostage, probably, two way street, read union mag in Guffey’s section first pages of mag, he admits the VER offer, says no formal, some issues need to be resolved, most are or have been, they both know the time limits, just hope the silence is not broken before the right time, this is from those who know but will not tell, union wants to survive, USPS ? will downsize, Congress or not, both sides fully aware of what is said here about the VER, and closings will happen, and there are not that many openings in 50 miles , keep them toes crossed, and fingers, July will be a big bang, before or after the 4th.
part of the holdup is legitimate to the extent that APWU wants USPS to adhere to the contract, Guffey gave them the kitchen sink , and included the whole house, so USPS knows that, the other crafts went to Arbitration, maybe the CBA giveaway works in our favor this time.
The USPS has an abusive culture of management VS craft, want proof?, the total of OSHA, EEO, DOLMS, NLRB, Charges and complaints, Federal court fights, and grievances , totals in the millions, FMLA is a Federal law, the USPS Supervision and Postmasters on a daily basis, even when fully knowing someone or thier family member needs the use of FMLA, they are threatened and intimidated, especially in the WNYD in Upstate NY, God Forbid if one uses regular sick leave ( USL- Unscheduled) or even unscheduled FMLA, you are toast !, but management can party on !, use sick leave at will, the culture is a poisoned one , USPS needs a overhaul from top to bottom, do you think that “Going Postal ” came from the USPS as a joke?, it happens, and now as the Union and USPS hold a Voluntary Early Retirement ( or lack of for APWU and NALC) over the heads of craft employees, add in the closings with no where within 50 miles to go, and see how we all may “Go Postal”, so who cares about the revenue and profits, in the black tomorrow?, who cares many of us want out of this “Evil Monopoly”, and soon!
I believe that the manufactured financial debacle that is now occurring in the USPS was created so that the private sector could be given preferential treatment. Fed-Ex and UPS have made millions for those people who are running those corporations. Do not be fooled and believe that the actions by the Bush Administration on the PAEA of 2006 was meant to gut the US Postal Service, and it is damned near complete. The American People will lose a Great Freedom when the doors close for good on the USPS. I hope all of you who wish this to happen also lose your Gun Rights, Voting Rights and other Personal Freedoms you deem Sacred! This is not unrealistic banter but the observation of an individual who has seen what the MEDIA and Talk Radio has spewed to make the ignorant and gullible their puppets.
I agree with you and think you are being melodramatic to accentuate your point. At least I hope so. Right wing radio is killing this country and I do think that people are waking up to it. I am a bit more positive than you. USPS will survive this and I think the unions are putting up a great fight. The USPS has not paid the prefund and I think calculations currently taking place are starting to disclude those prefunds. Lets hope for the best.
I think the unions are giving it all they can, but the Postmaster Organizations failed their postmasters drastically. To say to those postmasters who pay their dues each month, “We were able to save the Post Offices, but not the Postmasters”, referring to offices not being closed, but the hours reduced and Postmasters losing their jobs & being replaced by PMRs, is shameful. To add insult to injury, “offering” the displaced Postmasters the opportunity of replacing themselves by separating or taking the VER, and then returining to work at 1/3 of their pay is a slap in the face. I am proud to be a Postmaster & to have served the community where I live since 1991; but I am not proud to say I am a member of either Postmaster Organization.
Once the pensions and health benies are paid for PO is ripe for picking. Privateers will get hold of it and make a fortune with no responsibility to the work force. A few years back when we opened the new Trenton facility a CEO from UPS was on the tour. Do the Yankees ever invite a scout from the Red Sox to look at the new prospects. Hope the public realizes what’s going to happen. Think 45 cents is alot? Think again.
The problem with your idea is that one of he reasons UPS and FedEx use the USPS for delivery is its hard to find workers to deliver all the small parcels that they expect to deliver in the future. The USPS workforce is relatively efficent and given everything else they carry still a good buy for those who want parcels or advertising delivered.
As for UPS visiting USPs plants, it happens all the time as they are a big customer. Also USPS managerment have visitied UPS and FedEx plants numerous times over the years. All parties know pretty much as much about how the others do what they do as could be known.
If the USPS was privatized, new management would have a little leverage on changing wages but more on workrules especially for clerks and mailhandlers. City and rural carrier wages are likely safe as there is likely to be more work in for these types of employees than anyone now envisions given the growth in small parcels.