It owes another 5.6 billion yuan to the Ministry of Finance. The Post Office: It will not close.

It owes another 5.6 billion yuan to the Ministry of Finance. The Post Office: It will not close. The Federal Post Office, which is in financial distress, once again failed to pay the 5.6 billion yuan to the Ministry of Finance at midnight on the 30th. "Future retirement...

owes another 5.6 billion yuan to the Ministry of Finance. The post office: it will not close. The Federal Postal Service, which is in financial distress, once again failed to pay the 5.6 billion yuan "future retired employee health insurance benefit advance deposit" to the Ministry of Finance at midnight on the 30th. This would be the second time in as many months that the Postal Service has missed a payment. The media pointed out that this shows that the post office has exhausted all means of saving. Whether it can survive will be decided by Congress. However, the Postal Service assured businesses and customers that postal services will not be interrupted. The post office will operate as normal, mail will be delivered as normal, employees will be paid as usual, and vendors will be paid. The Postal Service relies entirely on revenue from the sale of stamps and other products and does not use taxpayer dollars. As Americans increasingly rely on email communications, mail volume has plummeted, and the Postal Service is currently losing billions of dollars every quarter. Over the years, the Postal Service has spent a lot of money pre-paying the health insurance benefits of future retired employees. For more than a year, the Postal Service has asked Congress for legislation that would allow it to stop delivering mail on Saturdays to save money and reduce or eliminate the $5 billion in annual prepayments for future employee retirement health insurance benefits, but Congress has taken no action. The Postal Service and unions say Congress needs to deal with a "man-made crisis" of its own making, and that eliminating benefit deposits would wipe out much of the losses and eliminate panic. However, members of Congress failed to pass a bill to provide relief to the Postal Service this year and have ended the session and left Washington. They will not resume proceedings until after the November 6 election.