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Speculators' Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 14:48

http://www.morningstaronline.co.uk/a-74 ... ,-says-CWU

PRIVATE speculators are “destroying” Royal Mail through their attempts to trouser maximum profits, posties said yesterday.

The privatised postal company reported that its pre-tax profits tumbled 30 per cent to £77 million, down from £110m last year.

But Royal Mail, which is facing a threat of strikes from CWU members over changes to pensions and working terms, said the “industrial relations environment” could knock its performance for the second half of the year.

The post operator said its profit had climbed by 7 per cent to a huge £323m once “transformation” costs were discounted. Its revenues also rose by 2 per cent to £4.8 billion.

Royal Mail’s £1.9m chief executive Moya Greene said: “Our investment in our business is paying off. We have won new parcels business; volumes were up 6 per cent. There was a resilient letters performance.”

But the CWU, which was prevented from striking last month after bosses secured a court injunction, said the privatisation of the service was running it into the ground.

CWU general secretary Dave Ward said: “The privatisation of Royal Mail has never has never looked more ridiculous that it does today.

“The half-year results see a record £68m go to private shareholders at the same time postal workers are under more pressure than ever to work harder, faster and cheaper.

“The union argues the scrapping of the company’s defined-benefit pension scheme is a betrayal of promises made during the 2013 sell-off. They are also hoping to secure a shorter working week.

“The court injunction forced the union to seek further conciliation talks — in spite of 89 per cent of members backing strikes, on a 74 per cent turnout.

“But its mandate for industrial action remains live, and strikes are still likely if bosses do not back down.”

CWU deputy leader Terry Pullinger said it was “easy to blame trade unions” but said it was the profiteers who were “destroying the Royal Mail.”

Mr Ward added: “The CWU will be working with the Labour Party in the coming months to ensure that when a change of government takes place, returning
Royal Mail to public ownership is a priority.”

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 15:10

Shut up Ward you fool, although to be fair, hopes and predictions posted in the Morning Star are much like everything thing posted there, ie to be taken with a pinch of salt or just ignored as nonsense. Concentrate on your paid job and leave politics to the big boys.

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 15:24

Look at what THE BIG BOYS are doing to politics. At times it is necessary to speak out against the unfairness in which big business operates and whether a different model would be better for both the employee and the country as a whole.

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 16:04

Tman wrote:Shut up Ward you fool......Concentrate on your paid job and leave politics to the big boys.


He's General Secretary.
Politics is his paid job.
Politics involving the CWU's main representation especially.
In fact I can't think of much that would be more pertinent to his paid job than this.

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 16:15

What would our pension deficit look like now if we hadn’t been privatised and the the deficit taken over by the government not very good I bet who knows what that would have meant for the money we had paid in,would we have been on a better wage now I doubt it and don’t forget we have all profited from the shares so I would say we are better off because of it

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 16:41

The pension deficit occurred because Royal Mail took a pension holiday for a period of ten years because at that time the pensions were in a state of being overfunded. Had they continued to pay in during that period the situation would have been far more favourable. Royal Mail were not the only company that took this option and many privately operated companies continue to be in deficit because of their short term reckless views in order to appease shareholder returns.

If you believe that being a part of a Royal Mail that wants to destroy the terms and conditions of employees, bringing in a contract that provides uncertainty to working hours with its walk ownership agenda, and expecting delivery workers to amalgamate mail out on their deliveries, is the right way to go, then try doing a delivery job rather than a drivers job.

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 16:50

Irrelevant of how the pension deficit happened the fact is it was there and would still be without privatisation and I would guess I’ve spent more times in delivery than ever did so don’t presume you know too much about me and what I do

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 17:05

fishtank wrote:
Tman wrote:Shut up Ward you fool......Concentrate on your paid job and leave politics to the big boys.


He's General Secretary.
Politics is his paid job.
Politics involving the CWU's main representation especially.

If that were the case he'd be on about a two-hour week if that, unless "politics" mean something different to you?

In fact I can't think of much that would be more pertinent to his paid job than this.

I can't think of much less pertinent (for a Gen Sec of a major union) than aligning himself with forlorn nut-job promises published in a "paper" that is only a minority interest at best, but then a GS with such a low profile as Ward is most likely used to being ignored.

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 17:23

Where does it say he aligns himself with the morning star?
They've cut and pasted parts of a union press release.

That's kind of how these things work, you didn't really believe he went down to the offices of the morning star ( the editor's mum's house? ) and gave them a personal interview did you?

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 18:30

Driver74 wrote:Irrelevant of how the pension deficit happened the fact is it was there and would still be without privatisation and I would guess I’ve spent more times in delivery than ever did so don’t presume you know too much about me and what I do



So the tax payer picks up the deficit bill and the shareholders of the privatised business benefit at the expense of retaining a decent pension in retirement. Soooooooo fair!

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 18:59

Well I would say it’s a better option than our pension going down the pan and everyone losing a lot of what they paid in,unless you weren’t there long enough to have much to lose I can’t see your argument for not wanting the government to take it over

Speculators’ Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 19:49

="fishtank"]Where does it say he aligns himself with the morning star?

I meant he's aligning himself to the idea/hope/promise of the renationalisation, as uttered by Corbyn.

That's kind of how these things work, you didn't really believe he went down to the offices of the morning star ( the editor's mum's house? ) and gave them a personal interview did you?

I don't know how it was done. Ward may have given them some titbits using one of those new-fangled phones those London boys own, but I'm shocked... :shock: that you think that the MS may be a cut-and-paste web-site.

Speculators' Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 19:53

It is not the government that has taken over the debt. It is the tax payer of which you are one. You are now indirectly paying again for benefits that you have already paid for in past years. Why should other tax payers from other walks of life have to pay for our non state pensions.

Speculators' Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 20:01

I’m paying tax either way so for me and thousands of other Royal Mail staff it was a good thing

Speculators' Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 20:07

Ward may have given them some titbits using one of those new-fangled phones those London boys own


"Hello is that the Morning Star?"

"No, It's his mum and I've told him to stop giving out this number."

"Can I speak to the editor then."

"No, he's doing his homework."

"Can I give him some titbits?"

"Are you for real?, nobody has used that word since 1974, anyway he's grounded and I've taken his iPad off him."

"Tell him big Wardy called."

"I'm calling the police."

Speculators' Hunger For Profit Is Wrecking Royal Mail, Says CWU

17 Nov 2017, 23:23

The pension deficit occurred because the sole shareholder of the business, the Government, who controlled the purse-strings of the state-run entity known as Royal Mail decided that the pension fund was in surplus, and took a short-sighted opportunity to stop paying-in employers' pension contributions, to fund tax-cuts and other state spending.
So, upon privatisation, I say it's only right and proper that the government swallowed the outstanding deficit at that time. After all, it was government action that created it ! :evil/mad

Speculators' Hunger For Profit Is Wrecking Royal Mail, Says CWU

18 Nov 2017, 15:35

What we must all remember Wandle is that the Government does not own debt, it is the taxpayers of this country. I agree that it was the governments of the time that made the decision to stop the employer contributions but the government acts on behalf of all of us and in this respect they made a big bloomer on our behalf.

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