The US Postal Service (USPS) has sought sweeping administrative and legislative adjustments after reporting a $9 billion annual loss, a marginal enchancment from the $9.5 billion deficit posted final yr, Reuters reported.New Postmaster Normal David Steiner mentioned the company continues to face a “vital systemic annual income and price imbalance” and should speed up effectivity measures, Reuters reported. “To right our monetary imbalances, we should discover new income alternatives and public coverage adjustments to enhance our enterprise mannequin,” he mentioned.USPS has misplaced over $100 billion since 2007, even after rounds of restructuring and a $50 billion monetary package deal permitted by Congress in 2022. The company is now in search of reforms that embrace adjustments to retiree pension funding guidelines, diversification of pension property, a better statutory borrowing restrict and updates to employees’ compensation processes.Alongside reform calls for, USPS has proposed new worth will increase throughout a number of merchandise — excluding first-class mail. The plan features a 6.6% hike for Precedence Mail, 5.1% for Precedence Mail Specific, 7.8% for USPS Floor Benefit, and 6% for Parcel Choose.The price of a first-class stamp rose to 78 cents this yr from 73 cents, marking a 46% enhance since 2019.In February, President Donald Trump referred to as USPS a “large loser for this nation” and mentioned he was contemplating merging it with the Commerce Division — a transfer Democrats mentioned would violate federal legislation.Former Postmaster Normal Louis DeJoy resigned in March beneath White Home strain after practically 5 years of sweeping operational adjustments that halved projected 10-year losses from $160 billion to $80 billion.Mail volumes dropped 5% within the yr ended September 30 to the bottom degree since 1967, underscoring the structural decline in conventional postal providers.USPS, which employs 635,000 individuals, reduce 10,000 positions this yr by means of a voluntary retirement programme as a part of its cost-reduction efforts.