How much redundancy will I get if my company goes into administration?
For each full year you've worked for your employer, you get: up to age 22 - half a week's pay. age 22 to 40 - 1 week's pay. age 41 and older - 1.5 weeks' pay.
that's 10k for me so either way i'm not bothered (although i realise its not great for the young ones - sorry )
It should be noted in the case of be made redundant as part of a company going into administration your redundancy payment would be registered as a debt owed by the company.
What you would be due under statutory redundancy terms and what you actually get would be dependent on a number of factors.
A further curious issue with RM being put into administration is what would happen to stamps which RM have issued.
They are in themselves a financial instrument - they hold a monetary value - and they act as a forward payment towards a future service to be provided.
Just this aspect alone would make any form of administration vastly complex and I would suggest, makes it nigh on impossible for any government to allow RM to go into liquidation.
Royal Mail has been understaffed for years yet suddenly let staff go with VR coming up to a new financial year?
Does not compute
Am of the opinion come April 1st Royal Mail will go nuclear
As they say, you have seen nothing yet
Heard this phrase a million times "go nuclear" sounds so bad so please explain how nuclear are we talking do I say goodbye to the wife n kids on the 1st of April and say I'm on 24/7 for the next 2 months don't wait up...I'm sorry but all this over the top talkin does my head in.
How realistic is RM going Into Administration? Laymen terms much appreciated
Very unlikely in my mind
• There are lots of shareholders including hedge and pension funds.
• Company has lots of property assets of value
• Companies heritage / national importance
• Would be highly embarrassing for the government
• Administration would cost the executive and board their jobs and reputation
• In theory it could be one of the most complex administrations ever seen - stamps being a particular issue
However - Thompson did load the company with debt to fund the parcel hubs I believe and interest rates keep rising - so that might be the problem.
How realistic is RM going Into Administration? Laymen terms much appreciated
Very unlikely in my mind
• There are lots of shareholders including hedge and pension funds.
• Company has lots of property assets of value
• Companies heritage / national importance
• Would be highly embarrassing for the government
• Administration would cost the executive and board their jobs and reputation
• In theory it could be one of the most complex administrations ever seen - stamps being a particular issue
However - Thompson did load the company with debt to fund the parcel hubs I believe and interest rates keep rising - so that might be the problem.
You also have the problem with banks at the moment and liquidity.
There are not that many banks with the sort of capital that Royal Mail needs to borrow.
With interest rates going up servicing that debt will be a major headache.
Royal Mail has been understaffed for years yet suddenly let staff go with VR coming up to a new financial year?
Does not compute
Am of the opinion come April 1st Royal Mail will go nuclear
As they say, you have seen nothing yet
Heard this phrase a million times "go nuclear" sounds so bad so please explain how nuclear are we talking do I say goodbye to the wife n kids on the 1st of April and say I'm on 24/7 for the next 2 months don't wait up...I'm sorry but all this over the top talkin does my head in.
Dont forget ''Czech mate'' - his other favourite
Last edited by Acca Dacca on 24 Mar 2023, 21:55, edited 1 time in total.
If you tolerate this, then your paid break will be next
How much redundancy will I get if my company goes into administration?
For each full year you've worked for your employer, you get: up to age 22 - half a week's pay. age 22 to 40 - 1 week's pay. age 41 and older - 1.5 weeks' pay.
that's 10k for me so either way i'm not bothered (although i realise its not great for the young ones - sorry )
It should be noted in the case of be made redundant as part of a company going into administration your redundancy payment would be registered as a debt owed by the company.
What you would be due under statutory redundancy terms and what you actually get would be dependent on a number of factors.
You can claim 8 weeks pay from the redundancy payments service backed by the government
You also have the problem with banks at the moment and liquidity.
There are not that many banks with the sort of capital that Royal Mail needs to borrow.
With interest rates going up servicing that debt will be a major headache.
RM has already borrowed the money (or has the credit facility) - but it needs to service the repayments and maintain it’s creditors confidence it can continue to do that.
Just checked last years accounts - Thompson almost doubled the companies net debt to £985 million (from £457).
If you go with Thompson’s claims then at least £365 million has been added to that this financial year.
Things just don't add up with the way the business is run. They said we're losing a million a day, but at the same time give themselves and managers free money (bonuses).
Failing the USO on a daily basis, understaffed, but handing out overtime like confetti. Share price has been stagnant over the past year, so no fear in the market of it been dropping over the past couple of months.
If the ship is really sinking get me off and show me the island with the buried treasure, cause I don't believe Simon & co would destroy the company or would they.
