|11-16-2012, 02:03 PM||#1|
Join Date: Mar 2009
Postal Service Loses $15.9 Billion but give execs a raise
Despite $15.9 billion loss, U.S. Postal Service execs see boost in pay
Despite nearly $16 billion in annual losses announced by the U.S. Postal Service on Thursday, all but one of the top five executives for the nation's mail service had an overall compensation increase this year, records show.
Postmaster General Patrick Donahoe, for instance, earned a base salary of $276,840, but even without a bonus or incentive payout, his overall compensation came to $512,093, compared with $384,229 in 2011, according to regulatory filings.
Fueling the rise was the fact that his retirement account grew by $186,536. A 37-year employee of the Postal Service, Mr. Donahoe was paid $4.76 per hour during his first job as a postal clerk.
Meanwhile, two other executives — Ellis Burgoyne, chief information officer, and Mary Anne Gibbons, general counsel — also received hefty increases in their retirement plans.
In fact, Mr. Burgoyne’s retirement plan grew by more than $270,000, bringing his total compensation to $510,505, slightly less than Mr. Donahoe‘s.
Compensation for Joseph Corbett, the Postal Service’s chief financial officer, rose from $310,483 in 2011 to $315,841 last year, though he earned more than $330,000 in 2010.
U.S. Postal Service on a ‘Tightrope’ Lost $15.9 Billion
The U.S. Postal Service said its net loss last year widened to $15.9 billion, more than the $15 billion it had projected, as mail volume continued to drop, falling 5 percent.
Without action by Congress, the service will run out of cash on Oct. 15, 2013, after it makes a required workers compensation payment to the U.S. Labor Department and before revenue typically jumps with holiday-season mailing, Chief Financial Officer Joe Corbett said today.
The service, whose fiscal year ends Sept. 30, lost $5.1 billion a year earlier. It announced the 2012 net loss at a meeting at its Washington headquarters
|11-16-2012, 02:22 PM||#2|
Not a Chief's board
Join Date: Sep 2003
Sounds like American Airlines............we took pay cuts and they got Bonuses.
Bad deal for pstal employees...........read somewhere congress passed a bill in 07 taking money from the PO and putting it in the general fund.
If thats the case they best reverse that.