The big question from postal employees at or near retirement age is, will there be Another U.S. Postal Service early retirement incentive this year? Many employees feel that in these hard economic times they need to delay their retirement or not retire at all. The last three early retirement offers have failed to get the needed numbers of employees to retire. The last retirement offer provided a small monetary incentive, but it failed as well. A
recent article from Bloomberg BusinessWeek.com, dated March 30, 2010, quotes the the deputy postmaster general as saying, '
We may not have to. It's a timing issue. The average age of postal employees is 53, and their retirement packages are already funded.' However, if you talk to a postal employee, their opinion tends to differ from this managerial position. Postal Employees, as well as most federal employees, are limited to a $25,000 VSIP if their agency decides to request a monetary incentive. The
Voluntary Separation Incentive Payment Authority, also known as buyout authority, allows agencies that are downsizing or restructuring to offer employees lump-sum payments up to $25,000 as an incentive to voluntarily separate. Many employees say it will take the $25,000 VSIP to get them to even consider retiring and many complain that the past 'early out' offers are made without enough prior announcement to permit employees to prepare for such a huge, life-altering decision. Employees would like to see the USPS make and announcement far enough in advance that they could investigate finding other employment or simply having an appropriate amount of time to discuss it with families. Additionally, with the APWU going into contract negotiations this year, employees say they have to at least wait until they see where the USPS will go with pay raises, benefits, and health insurance costs. If the USPS fights to further raise Health Insurance costs, many employees will be forced to continue working just to be able to afford insurance in retirement. If the past (last three offers) is any sign of the average USPS employee retiring any time soon ...it's just not going to happen without dangling several juicy carrots in front of them!
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