Frederick Douglass

"Power concedes nothing without a demand. It never did, and it never will. Find out just what people will submit to, and you have found out the exact amount of injustice and wrong which will be imposed upon them..." Frederick Douglass

Saturday, June 25, 2011

US Postal Service halts payments to retirement fund

The United States Postal Service (USPS) announced Wednesday that it will stop employer contributions to the Federal Employees Retirement System (FERS). This is part of an ongoing campaign of dismantling the federal agency, allowing USPS management the prerogative to take “aggressive action” in cutting costs associated with its service and labor.

In a statement, the USPS made clear that postal workers will continue to pay into the fund, but the agency will halt its bi-weekly contributions of $115 million beginning on June 24. Management claims it will use the money—which will amount to $800 million by the end of the fiscal year—“to conserve cash and preserve liquidity.”


http://www.wsws.org/articles/2011/jun2011/usps-j24.shtml