Postal Service Wants To Slash 120,000 Jobs

Originally published on August 22, 2011 12:10 pm
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RENEE MONTAGNE, Host:

Today's business news starts with cutbacks at the Post Office.

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MONTAGNE: In a letter to employees, the U.S. Postal Service says it will be insolvent next month. That's due to a significant decrease in the volume of mail and a significant increase in retiree health care costs for workers. The Postal Service's latest proposal: layoffs. It wants to slash 120,000 jobs, or 20 percent of its workforce. The unprecedented move would require congressional approval. Transcript provided by NPR, Copyright NPR.