The Postal Service, gearing up for its peak holiday season in the coming weeks, sees a significant reduction in its annual net losses, compared to recent years, as a sign that its 10-year reform plan is paying off.
But union officials, members of the public and USPS officials are pushing back on the direction of USPS leadership, following recent decisions to slow down delivery standards for nearly 40% of first-class mail, while also charging higher rates.
USPS ended fiscal 2021 with a $4.9 billion net loss, its 15th consecutive year of net losses. However, that net loss is nearly half the $9.2 billion loss it reported in fiscal 2020, and agency executives say USPS remains on track to break even as early as fiscal 2023.
Chief Financial Officer Joe Corbett told the USPS Board of Governors on Wednesday that the agency expects Congress to pass the Postal Service Reform Act next year, which would eliminate the agency’s obligation to pre-fund retiree health benefits well into the future.