All posts tagged: cashstrapped

Cash-Strapped US Postal Service Suspends Contributions to Pension Plan

Cash-Strapped US Postal Service Suspends Contributions to Pension Plan

Published by Sam Flores

WASHINGTON, April 9 (Reuters) – The U.S. ⁠Postal ⁠Service said Thursday it ⁠will temporarily suspend employer payments for a federal pension program ​to conserve cash amid a severe financial crisis. USPS told the White House Office ‌of Personnel Management that effective ‌Friday it will stop making $200 million payments every other week for ⁠its employer ⁠contributions for the defined benefit portion of the Federal Employees Retirement ​System. USPS warned Thursday that without reforms it could run out of cash as soon as February. USPS estimated it will save $2.5 billion with the action through September ​30 and said there would not be any immediate detrimental impact on ⁠current ⁠or future retirees if ⁠the payments ​are temporarily withheld. The service has reported net losses of $118 billion since 2007 as ​first-class mail, its ⁠most profitable product, has fallen to its lowest volume since the late 1960s. USPS in February reported a quarterly loss of $1.25 billion. “The risk to the Postal Service and the American public from insufficient liquidity for postal operations dramatically ⁠outweighs any longer-term …

End to two-child benefit cap offers £300-a-month lifeline to cash-strapped families | Family finances

End to two-child benefit cap offers £300-a-month lifeline to cash-strapped families | Family finances

Published by Sam Flores

The two-child benefit policy has been described as a “cap on childhood” and as it comes to an end, Claire* hopes to throw a birthday party for her son. It is a celebration most children may take for granted, but Claire and her partner run out of money at the end of every month, skipping meals so that their three children can eat. Her son, now in his final year at primary school, has never had a party. The limit, which was introduced under the Conservatives in 2017 and allowed parents to claim universal credit (UC) or tax credits for their first two children only, was scrapped by the Labour government at the last budget. The decision means from 6 April low-income families could be entitled to a payment equal to about £300 a month for each additional child in the household. Families already on UC should get the extra money automatically. Claire’s story is one of many collected by the Child Poverty Action Group (CPAG), which estimates 109 children have been pushed into poverty …

Cash-strapped French hospitals appeal to public to help fund medicines, devices

Cash-strapped French hospitals appeal to public to help fund medicines, devices

Published by Sam Flores

Cash-strapped and running out of options, a public hospital in southwestern France has turned to an unlikely source of rescue: potential patients. This week, the Basque Coast Hospital Centre (CHCB) in Bayonne was the latest to appeal to the public to help fund urgent needs and purchase medicine, medical devices and vaccines through what it calls “citizen loans”. Under the scheme, people lend money to public hospitals that later reimburse them, with interest. The model has emerged in France over the past few years, with several hospitals and nursing homes inviting people to invest in their healthcare facilities. The CHCB hopes to raise €1.5 million, the largest sum ever targeted by a French medical facility in such an operation. Supporters see the loans as an ingenious way to reconnect hospitals with the people they serve. But critics say such loans are a symptom of a healthcare system under severe strain, with hospitals forced to pass the hat around the community. Watch moreInside a French emergency psychiatric unit: Social stigma, a lack of beds and drug …

EU agrees €90B lifeline for cash-strapped Ukraine – POLITICO

EU agrees €90B lifeline for cash-strapped Ukraine – POLITICO

Published by Sam Flores

If the U.K. or other third countries like South Korea, which have signed security deals with the EU and have helped Ukraine, want to take part in procurement deals beyond that, they will have to contribute financially to help cover interest payments on the loan. The European Parliament must now examine the changes the Council has made to the legal text. | Philipp von Ditfurth/picture alliance via Getty Images The text also mentions that the contribution of non-EU countries — to be agreed in upcoming negotiations with the European Commission — should be proportional to how much their defense firms could gain from taking part in the scheme. Canada, which already has a deal to take part in the EU’s separate €150 billion SAFE loans-for-weapons scheme, will not have to pay extra to take part in the Ukraine program, but would have detail the products that could be procured by Kyiv. Next steps Now that ambassadors have reached a deal, the European Parliament must examine the changes the Council has made to the legal text …