The final instalment of ColleagueShares will be replaced for employees covered by this agreement, by lump sum payments including additional monies bringing the total to £1000 (pro rata for part time employees). These will be known as Transformation Lump Sums and payment is linked directly to key transformation milestones.
I've just checked my colleagueshares booklet and we weren't due any in 2010 anyway!
Can anyone explain this? I don't remember getting any last year so was the last allocation postponed for a year?
and thats 1 of the many reasons I will vote no, royal mail think we can be bought so easily and dont give us any credit, by offering us money that is already ours. Thats like them saying vote yes to this agreement and we will pay your wages into your bank account on friday
coxie wrote:and thats 1 of the many reasons I will vote no, royal mail think we can be bought so easily and dont give us any credit, by offering us money that is already ours. Thats like them saying vote yes to this agreement and we will pay your wages into your bank account on friday
It's just been renamed and placed within the new agreement apparently we were due to receive £1200 through out the colleague share scheme over the three years but it's know been renamed as lump sums.
Also the last agreement regarding pay rises the 3rd year got frozen :lfo so what's to say that wont happen again?
bigtee wrote:apparently we were due to receive £1200 through out the colleague share scheme over the three years but it's now been renamed as lump sums.
Not correct. The only thing that was guaranteed to come out of ColleagueShares this year was a stakeholder dividend. The wording in the brochure stated that there would be a £800 payment in year 1 (which we got) and then goes on to say 'The payment targeted for the first year will be larger than those for years two and three'. So we weren't guaranteed any specific amount in June of this year. People are just assuming would have been £400 because that's we got last year.
There was no guarantee that these 'shares' would be worth anything at all when the scheme finished in 2012. If Royal Mail can be creative with the accounts to show Leighton turning a business that's "losing £1m a day" in one year into a profit-making business a year later, who's to say they couldn't just be creative again, to show us making a massive loss, and thus avoid paying anything out ?
There are lots of aspects of this agreement that I have issues with. On turning these 'phantom shares' into real lump sums, however, I think the negotiators have actually done well . We could very easily have had one last payment of £400 in June, and nowt else
bigtee wrote:It's just been renamed and placed within the new agreement apparently we were due to receive £1200 through out the colleague share scheme over the three years but it's know been renamed as lump sums.
Only the third allocation will be the lump sum.
We already have 2 lots of phantom shares totalling 707 for full-timers.
apparently we were due to receive £1200 through out the colleague share scheme over the three years but it's know been renamed as lump sums.
. We could very easily have had one last payment of £400 in June, and nowt else