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Federal Eye
Posted at 05:15 PM ET, 07/01/2011

No bonuses for USPS executives

Updated, 5:15 p.m.

The U.S. Postal Service’s executives, officers and other administrative employees will not be receiving bonuses and performance rewards because of the agency’s financial troubles.

The agency’s chief financial officer, Anthony J. Vegliante, issued a memo Friday announcing the suspension of employee awards spending for all executive administrative service and postal career executive service employees.

The agency also announced officer and executive compensation related to the Postal Service’s pay-for-performance program is frozen until further notice.

The Postal Service, which receives no tax dollars for operating expenses, is expected to lose $8 billion in fiscal 2011.

The bonus story was first reported by the Federal Times

Some 62,000 employees were eligible for the executive and administrative bonuses. Employees represented by unions, including clerks and mail handlers, will still receive awards.

The decision follows the Postal Service’s announcement in June that it is suspending the biweekly payments of its contribution to the Federal Employee Retirement System (FERS).

“When communicating this information to your management teams, please assure them that this action in no way suggests a lack of appreciation for the tremendous job they do on a daily basis,” Vegliante said in his memo to Postal Service officers. “Now, more than ever, it is paramount that each of us - as leaders of this orgnaization - take the time to thank our employees for their efforts during these extremely difficult times.”

By  |  05:15 PM ET, 07/01/2011

 
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