Rumours or not

[thefox]

Sorry team but we want to make sure you still have a job, so we have made the hard decision of keeping the £1400 and using it to turn the business around.

The big question is what would the union do about it if that happened or would the membership be up for a 2nd round of fighting.i don't think they would.

[citypostie]

Sorry team but we want to make sure you still have a job, so we have made the hard decision of keeping the £1400 and using it to turn the business around.

The big question is what would the union do about it if that happened or would the membership be up for a 2nd round of fighting.i don't think they would.

I wouldn't strike again, no chance, what's the point when you end up worse off afterwards? The cwu wouldn't dare ask anyone to anyway and that's why rm will do whatever they want now

Part of me would love them to say they aren't paying the bungs just to spite all the people who voted yes to get their hand on it. I don't mind cutting my nose off to spite my face if it will give me a laugh at the moaning and crying that would follow such a decision

[Duesouth]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

This got me thinking that the union should of guaranteed to its members that the £500 should of been paid at the end of the month along with the back dated pay. All this stalling is just another set back, and makes the workforce unhappy.

I've said this before and I'll say it again WE do deserve better than this shoddy agreement. But what's done is done and unfortunately there's no turning back.

[bowie]

Fake news

[richj2009]

I won't be leaving the union simply on the basis that it's what royal mail want you to do. A useless spineless obstacle is still an obstacle. A bit like driving over a fresh dog turd. Easy to accomplish but nether the less annoying and best avoided.

[Woody Guthrie]

Maybe they could get rid of the fixed costs related to exorbitant executive pay? Royal Mail have got rid of one of its CEOs, Simon Thompson, but will he return any of his £700,000 pay-off back? The Chief financial officer Mick Jeavons, also earned £1.3 million in 2022 and holds over a million quid in Royal Mail shares, whilst Martin Seidenberg CEO of GLS pocketed £1.6 million. Their pay deals can only be justified on the grounds that Royal Mail/IDS had seen several years of bumper profits (before strike year).

Royal Mail said that they were losing a million quid a day during the strikes but they never ever mentioned the fact that Royal Mail recorded an aggregate profit of over £1.7bn from the last three years preceding that or how over a billion pounds in dividends have been paid to shareholders. This is a profitable business which has consistently been rewarding shareholders and investing hundreds of millions to expand.

The business has the capital but they are just holding on to their money like the greedy vultures they are. Insolvency was never on the cards - it was being used as an excuse so that they could deliberately run the USO down and make all sorts of changes to save even more money.

You're living in denial pete.
Royal Mail is not profitable.

Profits made in previous years under different conditions are irrelevant, they're gone, pissed away..

IDS are the parent company and have made it clear Royal Mail is now a separate entity that has to stand on its own so the profits other parts of IDS make are also irrelevant.

Although senior management payouts are obscene and unjustified as a percentage of the overall labour costs they too are irrelevant.

There is no secret stash of cash because it's all gone to the shareholders and if they did have spare cash they certainly wouldn't be needing a £1.7billion credit facility.

While I don't believe the business is at risk it has such a high cost base (mostly labour costs) that it wouldn't take long for a cash flow issue to become a full blown crisis if they cannot either increase parcel volumes significantly or reduce costs severely.

The huge problem Royal Mail has is that management at every level have a very poor record for implementing change effectively..

You can continue to ignore this if you like but the fact is people with more financial experience than us have looked at the books and don't like what they see, yes things can be manipulated to look worse than they are but everyone knows that including those that had a peek behind the curtains.

[LouBarlow]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

What are you basing this on, considering we have a binding contract that clearly states this will be happening? You can’t just pull statements out of your arse without justifying them.

They clearly state within the agreement the next payroll the 500 will be paid. That has been abandoned. They also said that we would no longer be doing oversize in respect of extra loops. We now have oversize back in our office. They lie and lie again. I simply don't trust a single thing this company announces. Not to mention the honouring of uso, also stated within the actual agreement, when multiple duties are failing every single day. The issues surrounding Rm finances pave the way for the payment to be halted to prevent the Business collapsing. Hope I'm wrong.

They say, the next ‘available’ payroll. That is a vague term to be sure, and if they end up not paying the money, I will definitely be on your side, but we have dates for all the payments now. There is no reason to be sceptical at this point.

[Flashman_]

There is not a chance in hell 1400 is coming our way end of September. How any board interested in the future would give away what they have will absolutely not part ways with cash to us, the least important members of this revolting company.

What are you basing this on, considering we have a binding contract that clearly states this will be happening? You can’t just pull statements out of your arse without justifying them.

What makes you think this agreement is binding in any way? The law on Collective agreements clearly says that to be legally binding the agreement should have a statement in it which states "that both parties intend for the agreement to be legally binding". As far as I have seen, there is no a such statement, so it is not binding in any way. Ergo RM can do whatever they want, that can include withdrawing any agreed pay or bonuses (at the risk of further industrial action, but the Union have already signalled their weakliness on that!)
In short any assurances in that agreement mean absolutely nothing, and its not worth any paper it is written on. Please highlight the bit where it does say its binding if you can find it, and I would happily concede!

[hans solo]

Shouldn’t have voted yes

[Duesouth]

Although senior management payouts are obscene and unjustified as a percentage of the overall labour costs they too are irrelevant.

Managements wages, bonuses, are way over the mark compared to any other industry. If a company is making growth, and profit year after year, then yes its justified that they deserve a bonus. What we have all witnessed over the past couple of years is two CEOS who have came into the business and reaped the benefits (golden handshake) and have done nothing really to justify there position.

Simon did move the needle to make changes within the business which were needed but left it too late and made drastic moves which left us the workers with low morale. Personally some of the changes that have happened over the past year should of been implemented years ago. I think the business will be in a profitable position this time next year, it just needs better people at the top to run this show. I really can't see it happening any time soon.

[Woody Guthrie]

I would doubt they would renage on the bonuses but I also wouldn't spend it until it's in the bank.

s**t happens and in this business it happens pretty regularly.

[heraldmoth]

I would doubt they would renage on the bonuses but I also wouldn't spend it until it's in the bank.

s**t happens and in this business it happens pretty regularly.

They kinda already have, it’s staring you in the face

[heraldmoth]

I would doubt they would renage on the bonuses but I also wouldn't spend it until it's in the bank.

s**t happens and in this business it happens pretty regularly.

They kinda already have, it’s staring you in the face

Also pay rise hasn’t been implemented this week, how hard would that have been to sort?

[Racingpostie]

Scaremongering all ready..... Collectively every single person in my office does more than they did two years ago. Every walk has been expanded due to several being binned off to cut costs & to conveniently bridge the shortfall in staff from their perspective, costs across the depo must be well down from when we previously ghosted daily across the unit to cover and complete.

I don't buy the numbers spouted and financial ruin, how can they when the biggest expense is constantly being cut due to huge numbers of staff leaving and any new recruits being a cheaper alternative going forward. My unit is still ridiculously busy Wed/Thur/Fri/Sat weekly as it was a couple of years ago, even the "easy days" at the start of the week still take you to time with the add on from the collapsed walks. I'm sure many offices up and down the land are exactly the same and whilst I don't trust Those running it one bit, I don't doubt the money will be paid at the start of August and the end of Sept.

[postslippete]

You're living in denial pete.
Royal Mail is not profitable.

Profits made in previous years under different conditions are irrelevant, they're gone, pissed away..

IDS are the parent company and have made it clear Royal Mail is now a separate entity that has to stand on its own so the profits other parts of IDS make are also irrelevant.

Although senior management payouts are obscene and unjustified as a percentage of the overall labour costs they too are irrelevant.

There is no secret stash of cash because it's all gone to the shareholders and if they did have spare cash they certainly wouldn't be needing a £1.7billion credit facility.

While I don't believe the business is at risk it has such a high cost base (mostly labour costs) that it wouldn't take long for a cash flow issue to become a full blown crisis if they cannot either increase parcel volumes significantly or reduce costs severely.

The huge problem Royal Mail has is that management at every level have a very poor record for implementing change effectively..

You can continue to ignore this if you like but the fact is people with more financial experience than us have looked at the books and don't like what they see, yes things can be manipulated to look worse than they are but everyone knows that including those that had a peek behind the curtains.

You say that there is no secret stash of cash - so where did this extra £900 "bonus" that the Union secured for us come from? Did they just find a few million tuck away down the back of the sofa?? Nah, it was only in a pension escrow!! Why didn't they just give this money to shareholders then?

Royal Mail have the barebones of the deal that they originally wanted. They are desperate to use these shiny new parcel machines that they have spent billions of pounds on. What's the point in paying well over the odds for these fancy toys and not be able to play with them! They even have Davey Ward on side now as he's agree-ing with the possibility of a 5 day USO. To be fair, they only have to keep twisting his arm whenever he looks behind the curtains offering them a coffee and a chocolate digestive by threatening to split the company up to get what they want. No one really wants that uncertainty.

Keith Williams has stated to shareholders only a few months ago that the company has retained earnings of £3.8 billion and access to liquidity of £1.7 billion. I'm more than happy to explain to you what retained earnings are so that no one is in denial - the overall group balance sheets are very strong!! But the fact is like you said, the board want Royal Mail to stand on its own two feet

Royal Mail as a company generates an absolute ton of revenue but wages are coming in to well over £5 billion representing a 7% increase in RM's turnover from 5 years ago. But what do they really expect when the company employ agency? There isn't a coherent strategy within the company because some offices seem to use and abuse the agency staff whilst others are steadfastly not using them. Why on earth the business isn't firing these rogue managers on the spot that don't follow protocol is beyond me. It's almost like they are deliberately sabotaging the business's plans.

However, in spite of all of this I believe that we will get what we rightfully deserve in this deal, warts an all


A complete shaft**ng