What to Know About the U.S. Postal Service’s ‘Severe Financial Crisis’
Quick Insights
The Bottom Line
The U.S. Postal Service paused pension payments and will raise stamp prices due to a severe financial crisis.
How This Affects You
You will pay 4.8% more for First-Class Mail Forever stamps, increasing from 78 cents to 82 cents, starting July 12.
AI Summary
The U.S. Postal Service announced on Thursday it is pausing payments to a federal pension plan and moving to increase stamp prices due to a "severe financial crisis." USPS will temporarily halt employer contributions for the defined benefit portion of the Federal Employees Retirement System (FERS), a change effective Friday that will save approximately $2.5 billion this current fiscal year. The agency also filed notice to raise postage rates by about 4.8%, increasing a First-Class Mail Forever stamp from 78 cents to 82 cents, effective July 12. Postmaster General David Steiner stated last month that USPS is set to run out of cash in 2027 if no significant changes are made. The Postal Service relies on the sale of postage, products, and services to fund its operations, receiving no tax dollars.
What's Being Done
USPS is pausing employer contributions to a federal pension plan and increasing postage rates.
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