Happy Friday! Approximately 5,000 full-time Postal Service employees eligible for retirement ended their Postal careers this week, accepting $15,000 buyout offers as part of a cost-cutting move. Another 18,0000 full-time workers have also accepted the offer, but have until Oct. 31 to complete the paperwork or opt out.
The Postal Service announced the buyout program in August as a way to save up to $500 million during the new fiscal year, which began on Thursday.
Officials stress the current figures are preliminary and are likely to change as workers make their final decisions. In addition to the full-time staff, part-timers have until Oct. 16 to initially accept the buyout and until Nov. 30 to make a final decision.
The offer was extended to post office retail clerks, distribution center mail handlers and clerks, and vehicle technicians. Letter carriers were not eligible, because the Postal Service only targeted areas of its where it has an excess of workers, and the number of addresses grows, on average, by 1.5 million each year.