How does this work? I'm actually looking to go from full time to part time, but if possible would like to glean as much financial reward from doing it as I can.....obviously, coming in at 8, prepping a round, taking it out and delivering it actually appeals to me now, I'm through with the IPS s**t, absorbtion etc etc
So does anyone know how buy down works?
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BUY DOWN OF HOURS
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Dogs of War
- Posts: 474
- Joined: 06 Nov 2009, 21:00
- Gender: Female
Re: BUY DOWN OF HOURS
My advice is don't do it, unless you get 30k to do so.
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SexyLegs
- EX ROYAL MAIL
- Posts: 393
- Joined: 13 Apr 2010, 16:00
- Gender: Male
Re: BUY DOWN OF HOURS
Looking to leave soon so looking at all ways of getting as much as I can prior to going???
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Martin Walsh
- Posts: 4276
- Joined: 19 Sep 2007, 20:12
- Location: neverland
Re: BUY DOWN OF HOURS
There is a repayment clause in buydowns if you leave Royal Mail within a certain timescale.
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stevenshm
- Posts: 73
- Joined: 28 Aug 2007, 13:48
Re: BUY DOWN OF HOURS
we have been told all buy downs have been shelved nationwide?
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NewPostieUK
- Posts: 2104
- Joined: 06 Jan 2008, 21:38
- Gender: Male
- Location: SickAsAChipLand
Re: BUY DOWN OF HOURS
Are people who take a buy down immune from absorbtion?SexyLegs wrote:I'm through with the IPS s**t, absorbtion etc etc
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fishtank
- Posts: 19732
- Joined: 28 Sep 2007, 17:22
- Gender: Male
Re: BUY DOWN OF HOURS
■ Appendix 4
Buy Down (hours) Policy
This document forms part of the Managing the Surplus Framework- Administrative and Operational Grades and should be read in the context of the Framework as a whole and all the documents which constitute it. Information for line managers on the deployment of the Framework is set out in the Guide to Deployment of Managing the Surplus Framework.
1. Purpose
The aim of this policy is to provide clear direction on how voluntary reduction in hours will be managed throughout Royal Mail.
2. Audience
This policy applies to all Administrative and Operational Grades.
3. Accountability
Personnel / Resources Directors of the Business Units will retain overall accountability throughout the process and for the application of the policy.
5. Policy
5.1 An employee may be permitted to reduce his/her hours (“Buy Down”) where to do so would facilitate the placement of Surplus Employees.
5.2 All such Buy Downs will be on a voluntary basis and at the discretion of Royal Mail.
5.3 In consideration for agreeing to such reduction in hours, the employee will be paid compensation (“the Compensation Payment”).
5.4 The Compensation Payment will be an amount equivalent to the compensation otherwise payable to the employee in accordance with
the Voluntary Redundancy Terms multiplied by A/B where
A = the employee’s contracted hours immediately prior to the Buy Down lesst he employee’s contracted hours immediately following the Buy Down, and
B = the employee’s contracted hours immediately prior to the Buy Down.
5.5 The Compensation Payment will be paid to the employee with salary within 2 months following the Buy Down ..The first £30,000 will usually be paid without deduction for tax and employee National Insurance Contributions.
5.6 The relevant Business Unit will issue the employee with a new contract of employment setting out the employee’s new terms and conditions of employment following the Buy Down.
5.7 If the employee is a member of the Royal Mail Pension Plan membership of the Plan, will continue uninterrupted albeit on pro rata part time contributions and accrual of benefits, subject to the Rules and Trust Deed relating to the Plan.
5.8 Agreement to the Buy Down and receipt of the Compensation Payment will be subject to the employee’s agreement that,
a) upon termination of his/her employment, except by reason of redundancy or on increasing working hours or returning to full time work on a permanent basis,during the period of two years immediately following the Buy Down (“the Compensation Period”), he/she will refund a proportion of the Compensation Payment to Royal Mail equivalent to the unexpired portion of the Compensation Period; and
b) any monies owing in this respect may be deducted from his/her wages/salary or any other payment due to be made from Royal Mail to him/her upon the termination of his/her employmentincluding any payment in respect of Voluntary Redundancy ( Standard Form 1.4.A contains a pro-forma).
5.9 Any hours worked in excess of the contracted hours, where the employee is in a grade that attracts overtime rates, will be at the flat hourly rate unless the total number of hours worked exceed what would constitute the normal full time hours. Overtime, paid in excess of the full time hours, will then be at the appropriate premium rate.
Buy Down (hours) Policy
This document forms part of the Managing the Surplus Framework- Administrative and Operational Grades and should be read in the context of the Framework as a whole and all the documents which constitute it. Information for line managers on the deployment of the Framework is set out in the Guide to Deployment of Managing the Surplus Framework.
1. Purpose
The aim of this policy is to provide clear direction on how voluntary reduction in hours will be managed throughout Royal Mail.
2. Audience
This policy applies to all Administrative and Operational Grades.
3. Accountability
Personnel / Resources Directors of the Business Units will retain overall accountability throughout the process and for the application of the policy.
5. Policy
5.1 An employee may be permitted to reduce his/her hours (“Buy Down”) where to do so would facilitate the placement of Surplus Employees.
5.2 All such Buy Downs will be on a voluntary basis and at the discretion of Royal Mail.
5.3 In consideration for agreeing to such reduction in hours, the employee will be paid compensation (“the Compensation Payment”).
5.4 The Compensation Payment will be an amount equivalent to the compensation otherwise payable to the employee in accordance with
the Voluntary Redundancy Terms multiplied by A/B where
A = the employee’s contracted hours immediately prior to the Buy Down lesst he employee’s contracted hours immediately following the Buy Down, and
B = the employee’s contracted hours immediately prior to the Buy Down.
5.5 The Compensation Payment will be paid to the employee with salary within 2 months following the Buy Down ..The first £30,000 will usually be paid without deduction for tax and employee National Insurance Contributions.
5.6 The relevant Business Unit will issue the employee with a new contract of employment setting out the employee’s new terms and conditions of employment following the Buy Down.
5.7 If the employee is a member of the Royal Mail Pension Plan membership of the Plan, will continue uninterrupted albeit on pro rata part time contributions and accrual of benefits, subject to the Rules and Trust Deed relating to the Plan.
5.8 Agreement to the Buy Down and receipt of the Compensation Payment will be subject to the employee’s agreement that,
a) upon termination of his/her employment, except by reason of redundancy or on increasing working hours or returning to full time work on a permanent basis,during the period of two years immediately following the Buy Down (“the Compensation Period”), he/she will refund a proportion of the Compensation Payment to Royal Mail equivalent to the unexpired portion of the Compensation Period; and
b) any monies owing in this respect may be deducted from his/her wages/salary or any other payment due to be made from Royal Mail to him/her upon the termination of his/her employmentincluding any payment in respect of Voluntary Redundancy ( Standard Form 1.4.A contains a pro-forma).
5.9 Any hours worked in excess of the contracted hours, where the employee is in a grade that attracts overtime rates, will be at the flat hourly rate unless the total number of hours worked exceed what would constitute the normal full time hours. Overtime, paid in excess of the full time hours, will then be at the appropriate premium rate.
Last edited by fishtank on 17 Oct 2010, 21:43, edited 1 time in total.
good times, bad times you know I've had my share
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SexyLegs
- EX ROYAL MAIL
- Posts: 393
- Joined: 13 Apr 2010, 16:00
- Gender: Male
Re: BUY DOWN OF HOURS
No they are not NEWUKPOSTIE but if you work smart you never have time to do any!
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POSTMAN
- SITE ADMINISTRATOR
- Posts: 32784
- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: BUY DOWN OF HOURS
Sexy,what you are saying does not make sense,depending on what hrs you go for the only thing you could be excused for is the IPS,there won't be much of that anyway with the new machines,and double prepping,everything else will be the same.
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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malnuman
- Posts: 33
- Joined: 16 Jul 2009, 16:50
- Gender: Male
Re: BUY DOWN OF HOURS
hi, i am taking a buy down of my hours to 30 a week, have been with royal mail 6yrs this xmas, i am getting £2,560...there is a two year peroid though in which i cant go back to full time or leave, if so i will have to pay back some of the money...
however this section posted earlier has confused me
"5.5 The Compensation Payment will be paid to the employee with salary within 2 months following the Buy Down and will be subject to deductions for tax and employee National Insurance Contributions in the usual way."
on my letter from royal mail, my agreement, it says the £2,500 is non taxable so i thought i would be getting the full ammount? hope the buggers dont tax it!!
however this section posted earlier has confused me
"5.5 The Compensation Payment will be paid to the employee with salary within 2 months following the Buy Down and will be subject to deductions for tax and employee National Insurance Contributions in the usual way."
on my letter from royal mail, my agreement, it says the £2,500 is non taxable so i thought i would be getting the full ammount? hope the buggers dont tax it!!
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POSTMAN
- SITE ADMINISTRATOR
- Posts: 32784
- Joined: 07 Aug 2006, 03:19
- Gender: Male
Re: BUY DOWN OF HOURS
Don't quote me but i'm near enough sure it's tax free as a guy down my place looked into it.malnuman wrote:hi, i am taking a buy down of my hours to 30 a week, have been with royal mail 6yrs this xmas, i am getting £2,560...there is a two year peroid though in which i cant go back to full time or leave, if so i will have to pay back some of the money...
however this section posted earlier has confused me
"5.5 The Compensation Payment will be paid to the employee with salary within 2 months following the Buy Down and will be subject to deductions for tax and employee National Insurance Contributions in the usual way."
on my letter from royal mail, my agreement, it says the £2,500 is non taxable so i thought i would be getting the full ammount? hope the buggers dont tax it!!
I Wrote-During Covid-Which is still relevant now
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
It's good to get these types of threads, the ridiculous my manager said bollox, so we can reassure ourselves that while the world is falling apart, Royal Mail managers are still being the low-life C***S they have always been.
My BFF Clash
The daily grind of having to argue your case with an intellectual pigmy of a line manager is physically and emotionally draining.
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malnuman
- Posts: 33
- Joined: 16 Jul 2009, 16:50
- Gender: Male
Re: BUY DOWN OF HOURS
yeah thanks postman, just looking at my agreement again, says £2,560.65 (non taxable for payments under £30.000) so thats a relief! tax free it should be
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fishtank
- Posts: 19732
- Joined: 28 Sep 2007, 17:22
- Gender: Male
Re: BUY DOWN OF HOURS
I have amended it it should read that the first £30,000 is tax-free.malnuman wrote:yeah thanks postman, just looking at my agreement again, says £2,560.65 (non taxable for payments under £30.000) so thats a relief! tax free it should be
good times, bad times you know I've had my share
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SexyLegs
- EX ROYAL MAIL
- Posts: 393
- Joined: 13 Apr 2010, 16:00
- Gender: Male
Re: BUY DOWN OF HOURS
Thanks all....useful hints and tips aplenty :)
2 year countdown to leaving, get the colleague shares out the way and I'm off, so if I could get a buy down fairly soon I reckon I'd be getting the max I can, bearing in mind I wanna leave anyway.
Not only that, I'd probably earn more as a PT.......how you ask!!!
Well I currently get put on the same duty most weeks which is tight timewise and involves a 15 minute trip out and back so on a PT duty I'd get more opportunity to do OT if I wanted it, do hardly any at the moment.
We have over 50 duties in my office and I know probably 40 of them!
It's a long term plan!!! ;)
2 year countdown to leaving, get the colleague shares out the way and I'm off, so if I could get a buy down fairly soon I reckon I'd be getting the max I can, bearing in mind I wanna leave anyway.
Not only that, I'd probably earn more as a PT.......how you ask!!!
Well I currently get put on the same duty most weeks which is tight timewise and involves a 15 minute trip out and back so on a PT duty I'd get more opportunity to do OT if I wanted it, do hardly any at the moment.
We have over 50 duties in my office and I know probably 40 of them!
It's a long term plan!!! ;)