Aug. 25 (Bloomberg) -- The U.S. Postal Service said it reached agreement with two unions to offer as many as 30,000 employees incentives to resign or retire by the end of next month in a plan that may save $500 million.

The incentive provides eligible employees $10,000 to be paid during the first three months of fiscal 2010, which starts Oct. 1. The same employees will receive a second payment of $5,000 in fiscal year 2011, the service said in a statement.

The Postal Service is trying to cut costs and consolidate facilities as a recession and electronic communications cut mail volume. The service faces “significant structural financial challenges” and “urgently” needs to restructure, the Government Accountability Office said last month.

“It is important to the Postal Service that we take appropriate measures to address our current financial situation,” Anthony Vegliante, chief human resources officer and executive vice president, said in the statement. “This decision reflects our desire to provide a fair and equitable opportunity for some of our longest-serving employees.”

The GAO, the investigative agency of Congress, added the Postal Service’s financial condition to its high-risk list of federal areas in need of transformation.

Most employees eligible for the incentive work in mail- processing facilities, the service said.

The offer is for employees represented by either the American Postal Workers Union or the National Postal Mail Handlers Union. Letter carriers represented by the National Association of Letter Carriers and the National Rural Letter Carriers’ Association weren’t extended the offer.

The service said it expects cost reductions during 2009 of more than $6 billion through moves that include closing district offices, paring work hours and halting construction of new facilities.

It said in July it may lose at least $7 billion in the fiscal year ending Sept. 30.

To contact the reporter on this story: Joe Richter in Washington at Jrichter1@bloomberg.net

Last Updated: August 25, 2009 15:18 EDT