Is The Post Office Running Out Of Money?

Does the US Postal Service make a profit?

The Postal Service receives no direct taxpayer funds.

It relies on revenues from stamps and other service fees.

Although COVID-19 has choked off the USPS revenue in recent months, factors that arose well before coronavirus have contributed to the unsustainability of the Postal Service’s financial situation for years..

Can the post office make you work 7 days a week?

For employees who are not full time regulars, the USPS can work you up to 12.5 hours a day (that includes a 30 minute lunch though) and work you up to seven days a week, but that combination of hours and days cannot be more than 60 hours a week. … ccas are 12 hours total including lunch.

How much money did the USPS lose in 2019?

The U.S. Postal Service lost $8.8 billion in fiscal 2019, more than doubling its losses from the previous year. The results marked the 13th consecutive year the mailing agency lost money, although USPS did post a slight uptick in revenue to $71.3 billion.

Are postal workers federal employees?

As a postal worker, you must follow federal rules, and you receive federal benefits. However, the U.S. Bureau of Labor Statistics doesn’t consider postal workers federal employees because the postal service is a quasi-federal agency.

Does Congress take money from the post office?

The Postal Service is supposed to be self-funded — not getting any government money. However, the post office is still tightly regulated by Congress. In 2006, Congress passed a law requiring the Postal Service to prepay health benefits for its retirees.

Who is the new postmaster?

Assumed office New York City, New York, U.S. Louis DeJoy (born c. 1957) is an American businessman serving as the 75th U.S. Postmaster General and CEO. He was appointed in May 2020 by the Board of Governors of the United States Postal Service. Prior to the appointment, he was also a Republican Party fundraiser.

Who appoints postmaster general?

The 9 governors elect the postmaster general, the chairman of the board as well as the USPS inspector general; the governors and the postmaster general elect the deputy postmaster general.

What happens if USPS goes out of business?

If the USPS shuts down, then they will be left without an affordable option to access vital drugs. People with disabilities rely on the Postal Service to mail their prescriptions for similar reasons. Many simply cannot travel to the closest city, let alone leave their houses, to pick up their prescriptions.

Will Amazon keep using USPS?

The number of Amazon delivery centers increased from 163 in 2019 to 278 in 2020 so far, and MWPVL estimates there will be 415 locations by the end of the year. …

What is the salary of the postmaster general?

$291,650 per yearThe Postmaster General makes $291,650 per year (as of 2019), coming behind the President’s $400,000 salary and just ahead of the Vice President’s wages of $253,500.

Why is the post office running out of money?

The U.S. Postal Service is warning that it could run out of cash by October due to a “devastating” drop in business caused by the coronavirus pandemic. … Brennan said the drop in mail volumes during the coronavirus outbreak “is steep and may never fully recover,” according to a separate statement issued by the USPS.

When did the USPS start losing money?

When Postal Service Losses Began Although the Postal Service lost money in the early part of the decade, in 2001 and 2003, the most significant losses came after the passage of a 2006 law requiring the agency to refund retiree health benefits.

What is the highest paying job in the post office?

Highest Paying Postal JobsChief Human Resources Officer and Executive Vice President. … Chief Information Officer and Executive Vice President. … General Counsel and Executive Vice President. … Vice President of Delivery and Post Office Operations. … Vice President of Corporate Communications. … Chairman of the Postal Regulatory Commission.More items…•

Is the post office in debt?

USPS has lost $69 billion over the past 11 fiscal years—including $3.9 billion in fiscal year 2018. USPS’s total unfunded liabilities and debt ($143 billion at the end of fiscal year 2018) have grown to double its annual revenue.

How is the USPS doing financially 2020?

Operating revenue was $73.1 billion for 2020, an increase of nearly $2.0 billion compared to the prior year, driven by an increase in Shipping and Packages revenue of $5.8 billion, or 25.3 percent. … Package volume grew by nearly 1.2 billion pieces, or 18.8 percent, compared to last year due to the surge in e-commerce.

Who runs the post office?

federal governmentThe U.S. Postal Service (USPS) is a large business enterprise operated by the federal government. It has more than 600,000 employees and more than $70 billion in annual revenues.

Is the post office self sufficient?

Specifically, USPS is expected to be financially self-sufficient by covering its expenses through revenues generated from the sale of its products and services. However, USPS is no longer able to do so. … Both Congress and USPS need to act to put it on a sustainable financial footing.

How many years do you need to retire from post office?

30 yearsThe minimum retirement age (MRA) with 30 years of creditable service including 5 years of creditable civilian service.