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US Postal Service to offer employee buyouts

March 25, 2011 12:00:00 AM PDT
The U.S. Postal Service plans to offer employee buyouts, hoping to eliminate about 7,500 administrative and executive jobs.

The Postal Service lost $8.5 billion last year.

It's hoping the $20,000 buyouts for veteran workers, plus the closure of seven district offices, will save $750 million a year.

The Postal Service has already asked Congress to let it end Saturday delivery, but an independent commission says savings from that would not be as much as previously thought.