USPS, Postal Union Agree on Retirement Incentives

The Postal Service and one of its largest unions have agreed to offer retirement incentives to a wide swath of postal employees. Employees who accept the buyout—who must have at least 20 years tenure at 50 years old, or have worked at least 25 years—would leave USPS at the end of January 2013. They would receive $10,000 in May 2013, and then the last $5,000 in May 2014.

The agreement between USPS and APWU comes after months of negotiations, and marks just the latest example of the cash-strapped Postal Service using buyouts to try and cut costs.