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Postal Service losses tripled to $16 billion

• AFP

The US Postal Service tripled its losses in 2012, bleeding $15.9 billion as the state-owned enterprise faces tough competition and what it calls onerous and unfair retirement funding requirements.

The US mail said its losses rocketed in the year to September 30 from a $5.1 billion loss last year, with more than $11 billion sucked off to pre-fund health benefits for service retirees long into the future.

 

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