Postal Service Cancels Execs' Bonuses, Performance Awards

In its latest cost-cutting move, the U.S. Postal Service has halted bonuses and other performance awards for managers and administrators, the agency's chief human resources officer confirmed in a Friday memo.

Effective immediately, USPS officials are barred from spending any money on cash awards, gift certificates, event tickets and other tokens of employee recognition, Tony Vegliante wrote in the memo.