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U.S. Postal Service Loses $5 Billion In Fiscal 2013

WASHINGTON (UPI) — The U.S. Postal Service said it lost $5 billion in the 2013 fiscal year and Friday called for restructuring of its health and retirement plans, officials said.

Although revenue increased due to an 8 percent growth in shipping and packages and a 3 percent growth in standard mail, first-class mail volume declined in 2013, marking the seventh consecutive year the Postal Service incurred a net loss, the statement said.

It called on Congress to restructure the Postal Service healthcare plan, refund overpayments to the Federal Employees Retirement System and adjust scheduled delivery frequency to six days per week for packages and five days per week for mail.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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