Postal Service paying workers to quit

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The USPS is offering thousands of mail processing employees cash incentives to retire or resign by the end of this fiscal year.

The cost-cutting move by the Postal Service could save it up to $500 million next year.

The incentive package, negotiated with unions, would give eligible employees $10,000 during the first quarter of fiscal year 2010 and another $5,000 during the first quarter of fiscal 2011. As many as 30,000 employees are eligible, the Postal Service says.

The Postal Service is aiming to cut $6 billion in expenses this fiscal year by closing offices, halting new construction and cutting jobs.