The U.S. Postal Service will slash 20,000 jobs this year, it was announced at the Board of Governors monthly meeting held Monday and Tuesday.
The cuts are the result of poor financial figures for the first quarter of the 2002 fiscal year.
The 10,000 to 15,000 career employees will be cut from the processing, delivery and administration areas, according to published reports.
Governors of the Postal Service were told that the Postal Service recorded $108 million in net income for that first quarter. That figure is $521 million under projections.
Package rates are to be raised 8%–perhaps by June 30–to help postal finances. A first class stamp will also go up to 37 cents from 34 cents, if the Postal Rate Commission approves the increases.
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