USPS Reports $3.5 Billion Increase in Work Comp Expenses

The U.S. Postal Service reported an $8.8 billion net loss for the 2019 fiscal year, driven in part by a $3.5 billion increase in workers’ comp expenses. Of the $3.5 billion in increased workers’ comp expenses, $3.4 billion reflected the impact of discount rate changes on actuarial calculations, USPS said in a news release. USPS described the discount rate changes as outside of management control. USPS operating revenue increased by $514 million to $71.1 billion for the fiscal year, which ended on Sept. 30. The higher revenues resulted from price increases and continued growt...