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 eight percent growth in shipping and packages, and a three 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.
Copyright 2013 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Original headline: U.S. Postal Service loses $5 billion in fiscal 2013
Most Popular Stories
- Chobani Counters Competition With Expanded Lineup
- What to Expect From an Amazon Smartphone
- Clinton Sought GOP Support for Health Plan
- Saucedo Mercer Running on Empty in Arizona
- Spring Salmon Return to San Joaquin
- Auto Parts Plant Opening in Pa., Jobs on Tap
- IPO Market Shows Signs of Settling Down to Earth
- Pakistan Library Dedicated to 'Osama bin Laden, the Martyr'
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Venture Investments in U.S. Highest Since 2001