The U.S. Postal Service is proposing to cut its workforce by 20 percent which could lead to layoffs of 120,000 employees.
The Postal Service is also considering withdrawing from the federal health and retirement plans, as it continues to struggle financially.
A notice to employees informing of what’s coming down the pike states, “We will be insolvent next month due to significant declines in mail volume and retiree health benefit pre-funding costs imposed by Congress.”
