The Postal Service reported total revenue of $21.5 billion for the first quarter of fiscal 2021, an increase of $2.1 billion, or 11.1 percent, compared to the same quarter last year. Compensation and benefits expense increased by $771 million, or 6.2 percent, compared to the same quarter last year, primarily resulting from higher work hours associated with the record holiday package growth and an increase in paid leave associated with the COVID-19 pandemic, including leave authorized by the Families First Coronavirus Response Act, enacted as Public Law 116-127 (FFCRA). In addition to increased labor costs to support the volume increase, transportation expenses increased by $204 million, or 8.5 percent, compared to the same quarter last year, primarily due to the impact of higher volumes on air and highway transportation. Operating expenses were also impacted by an increase in retirement benefits expenses of $176 million, or 10.9 percent, compared to the same quarter last year, driven by revised actuarial assumptions outside of management’s control. Total operating expenses were $21.1 billion for the quarter, an increase of $1.1 billion, or 5.3 percent, compared to the same quarter last year. Net income for the quarter was $318 million.
If you’re like me, sending a letter or package across the country through the US Postal Service feels like a game of chance. Will it get there in a week — or two? During the first quarter of this year, around 20% of first-class mail across the US was delivered late. And now snail mail is about to get slower for some of the 160 million residences and businesses that rely on the Postal Service.
Starting Oct. 1, the USPS will implement new service standards for its first-class mail and packages, lengthening delivery time for about 30% of its volume. That means some letters, parcels and magazine subscriptions traveling longer distances could take up to five days to arrive, instead of two or three days. The changes are part of a 10-year plan called Delivering for America to overhaul the agency and try to tackle its $160 billion debt. The plan would also reduce post office hours and raise prices for customers, and there’ll be even more postage hikes during the peak holiday season.
more at source: https://www.cnet.com/how-to/usps-is-slowing-down-first-class-mail-on-oct-1-what-delays-and-price-hikes-mean-for-you/