RMCtv : One-off lump sum payment being paid to each employee in September confirmed as 1,007

[POSTMAN]

Zareena Says

One-off lump sum payment being paid to each employee in September confirmed as £1,007

In June, we communicated that the Trustee of the Royal Mail Pension Plan (RMPP) agreed to release to Royal Mail some money that has been held separate to the Pension Plan (in an escrow) to allow us to pay all employees a one-off, lump sum payment in September.

The exact amount people will get is dependent on the precise number of employees at the time of the payment and the value of the escrow when the funds were released.

As we’re now approaching the payment date, we can confirm that the amount will be £1,007 per employee (pro-rated for part-time employees and eligibility criteria apply).

All employees will receive the payment on 29 September, and it will be subject to normal Income Tax and National Insurance deductions.

Read the full communication from June along with frequently asked questions and find out more about how this is being funded and who is eligible.

In addition, the £500 lump sum (pro rata for part-time colleagues) from the agreed pay deal will also be paid on 29 September in line with previous communication. This payment is applicable to Royal Mail colleagues in CWU-represented grades, Parcelforce and support functions (excluding PFSL and Fleet).

Thank you for all your work and support as we work together to turnaround this great company.

Clean link to pdf...
https://www.myroyalmail.com/sites/defau ... oyees).pdf

pdf.pdf

[mjd24]

Some good news for once. Anyone know how much more this will actually be (after tax)?

[enskied]

The MC sell out bonus.

[yellowbelly]

Some good news for once. Anyone know how much more this will actually be (after tax)?

Depends on your personal tax rate, most of us I would assume are basic rate so that's 20% less.

NI deduction is a bit more complicated and depends on your NI catergory and weekly wage that week.

For most it will probably be a 2% NI deduction from any of your wage/bonus over £967 for that week.

https://www.gov.uk/national-insurance-rates-letters

[ted_e_bear]

Is this the figure that was initially £900 but could increase depending on the amount of staff still employed by the payment calculation date ?

If so am I correct in thinking that by my rubbish maths it's 11.9% more so does that mean that nearly 12% have left in that period.

Edit....I see the amount is also affected by the value of the escrow fund, so perhaps not that many have left.

[sixfoottwo]

Some good news for once. Anyone know how much more this will actually be (after tax)?

Good news? it's absolute pittance especially after tax.

[seaside]

So 20% tax plus 12 NI and because it's more than 900 odd, it's an extra 2% NI. Would that be right, if so ,we would get £994 out of the £ 1507.

[yellowbelly]

Is this the figure that was initially £900 but could increase depending on the amount of staff still employed by the payment calculation date ?

If so am I correct in thinking that by my rubbish maths it's 11.9% more so does that mean that nearly 12% have left in that period.

Depends, I suppose some have left but interest or investment gains may have increased the total too.

[yellowbelly]

So 20% tax plus 12 NI and because it's more than 900 odd, it's an extra 2% NI. Would that be right, if so ,we would get £994 out of the £ 1507.

12% 'normal' NI deduction on your pay between 242 and 967 for the week.
The 'extra' 2% NI on the amount above your pay for the week over the 967.

[thefox]

Some good news for once. Anyone know how much more this will actually be (after tax)?

Good news? it's absolute pittance especially after tax.

Its not a lot for the s**t sandwich we have to eat but its better than a boot in the balls(just)

[Dexydog]

So 20% tax plus 12 NI and because it's more than 900 odd, it's an extra 2% NI. Would that be right, if so ,we would get £994 out of the £ 1507.

12% 'normal' NI deduction on your pay between 242 and 967 for the week.
The 'extra' 2% NI on the amount above your pay for the week over the 967.

You only pay 2% on any amount over 967.
Not an additional 2%.
This might be negated by going into the higher tax bracket for that week, but you will get this back.
Either way you actually pay 10% LESS ni over 967 per week.

[SpacePhoenix]

The MC sell out bonus.

MC and RDC staff combined are outnumbered by delivery staff by at least 2:1, it's more likely these days to be 3:1. The deal was voted in by delivery staff, we (MC & RDC staff combined) effectively didn't have any say in it

[Rommagic]

The MC sell out bonus.

MC and RDC staff combined are outnumbered by delivery staff by at least 2:1, it's more likely these days to be 3:1. The deal was voted in by delivery staff, we (MC & RDC staff combined) effectively didn't have any say in it

How many delivery staff?.

[George50]

Pittance for all the shite coming out way because of yes voters

[cockneyrebel]

Just Changing subject a second
Ms Brown is still alive !!!!!!
Had heard more noise from a dormouse in derelict church
Chief People Officer ????????????????????????????????????????????????
Losing staff everyday-unable to replace due to crap hours re weekends-less money than others employed-dropped on worst routes/limited training.
Turn the company around ??
Not with any of current senior personnel-as they have created the mess with simply appalling decisions/inability to rectify mistakes
It cannot be turned around re people there