“The incentive for voluntary resignations and early retirements among a pool of veteran workers by the end of September is part of a drive to cut costs by $6 billion this fiscal year, the Postal Service said… The majority of those offered $15,000 to leave as part of an agreement with unions — up to 30,000 people — work in mail processing facilities, officials said. The Postal Service hopes to save up to $500 million from the move.”
With over 656,000 employees, the U.S. Postal Service is the nation’s 2nd largest employer behind Wal-Mart which employees 1.4 million American workers. If postal workers fail to take the buyouts in large enough numbers, USPS may be forced to implement involuntary layoffs to save itself financially. The irony of USPS’s possible job losses is that a job at the post office has always been considered safe and secure. Evidently times have changed and many workers are facing job losses in careers they’ve been in for as long as 20 years. The reality is that no job is safe, secure or even permanent. As job losses mount, workers need to create plans that will efficiently handle debt and the possibility of long-term unemployment. It may be a good idea for workers to consider all of their financial options, including bankruptcy, before they face a job loss. Remember, bankruptcy can help you repay or discharge debt that has become to burdensome for your current financial circumstances.