The U.S. Postal Service has offered 3,300 eligible employees voluntary early retirements.
The 3,300 employees are managers and administrative staff on the executive and administrative schedule, a pay scale covering approximately 55,000 people. According to the Federal Times, eligible employees have until Nov. 19 to accept the deal and must agree to retire by Dec. 31.
Federal Times also said the offer was limited to employees working in the USPS’ district offices, network distribution centers and other postal facilities. Many employees considered critical to the continuity of operations were not offered the early-out incentive.
The Postal Service has been gripped by a number of issues recently, including its default on a large obligation earlier in August. In the most recent quarter, the agency posted a $5.2 billion loss stemming from a slowing mail business and a massive pension prepayment requirement.
The agency offered 3,800 postmasters early retirements and buyouts at the end of July as part of the Post Office Structure Plan, a cost restructuring initiative.