Postal strike cancelled as RM delivers on pay and pensions

[TrueBlueTerrier]

Postal strike cancelled as Royal Mail delivers on pay and pensions

http://www.telegraph.co.uk/news/uknews/ ... sions.html" onclick="window.open(this.href);return false;

Royal Mail workers have called off Monday’s postal strike - but only after the newly privatised company agreed to make hefty concessions to the unions on pay, pensions and employment protections.

In a joint statement, Royal Mail and the Communications Workers Union said they had “made progress” in talks that allowed the imminent strike to be called off. But the union, which represents 115,000 Royal Mail workers, has been allowed to keep the threat of the first postal strike in four years open until November 20.

Royal Mail, which listed on the London Stock Exchange three weeks ago, has agreed to improve its pay offer, come up with a “separate pensions agreement” and extend the legal protection of the awards beyond three years.

The details of the concessions have not yet been agreed. Both sides have signed up to a set of nine principles and have pledged to “clear diaries” to agree the details by November 13.
The deal is likely to dismay investors since Royal Mail repeatedly argued in the run up to its stockmarket listing that its offer to workers was already generous.

In July Royal Mail offered workers an 8.6pc pay rise over three years, plus a £300 bonus for all staff that did not strike.

However insiders said last night’s agreement could also bring about the security over industrial action that Royal Mail is desperate to secure. As part of the deal, the union has in principle signed up to an “agenda for growth underpinned by a culture of consensual change, timely decision making and industrial stability supported by alternative dispute resolution processes.”

The deal also commits the union to co-operating with the radical modernisation programme being led by Moya Greene, chief executive. Both sides have said they will draw up and agree to “ a joint company/CWU charter shaping the on-going values and principles of the Royal Mail Group.”

The 24 hour strike was called on the second day of full trading on the LSE. The CWU union, which has always been strongly opposed to the Government’s plans for privatisation, said four out of five of its members voted for industrial action. As part of the Royal Mail’s stock market listing, almost all of the 150,000 eligible UK-based workers received free shares amounting to 10pc of the company.

The threat of strike action has so far failed to dampen investor enthusiasm for Royal Mail shares. Since the company’s historic listing, the stock has soared in one of the most successful floats in recent history. The Government offered the stock at 330p valuing the company at £3.3bn. Last night shares in Royal Mail closed at 541.5p, up 1.3pc on the day.

Last week, the Children’s Investment Fund (TCI) emerged as the biggest shareholder in Royal Mail having amassed a 5.8pc stake. TCI, whose boss Chris Hohn was described as a “locust” by German politicians, was the first to build a disclosable stake in the company. The second was GIC Private, Singapore’s sovereign wealth fund, which disclosed a 4.1pc stake.

Gert Zonneveld, the analyst from Panmure Gordon that said Royal Mail was undervalued by a £1bn before the float, published a note saying the company could be worth £5.3bn. Ministers have repeatedly denied that the company was sold on the cheap.

[derricksmyth]

How does the Telegraph , know that "hefty concessions have been made", when nothing has yet been finally agreed.

Typical right wing anti union propaganda from the Telegraph .

[vmaxv4]

How does the Telegraph , know that "hefty concessions have been made", when nothing has yet been finally agreed.

Typical right wing anti union propaganda from the Telegraph .

Just hope that "Hefty Concessions" is exactly what RM have conceded to..

[Red Robbo]

Yeah, " hefty concessions " on our part, monthly pay, no - strike agreement, SSP, Bank Holiday included in our annual leave, zero hours,zzzzzzzzzzzz,oops, sorry I was having a bad dream.

[vmaxv4]

Also like this tag line...

The deal is likely to dismay investors since Royal Mail repeatedly argued in the run up to its stockmarket listing that its offer to workers was already generous.

All outside commentators who ain't got a clue how we do business & thought the deal was "far from generous" are getting there first taste of when a YES vote was called for and delivered & therefore meant "Bring it on".....
RM was on the back foot not just from the "dear old government" but from the "investors" own cash & large businesses who are likely to be on "first name terms" with "M"
Welcome to the "Private Sector" M'am

[theshrew]

I bet we have been shafted, Like we usually are!!!!!!!!!!!!!!!!!!!!!!!

[houseoflords]

£300 for staff that didnt go on strike, that wasnt the deal, it was £300 payable but if you go on strike you would loose that, I agree typical Tory press telling bull sh*t again, lie after lie after lie. Gave up buying papers years ago not even fit to wrap Fish & Chips up in.

[vmaxv4]

I bet we have been shafted, Like we usually are!!!!!!!!!!!!!!!!!!!!!!!

Keep the faith...

[pants123]

How does the Telegraph , know that "hefty concessions have been made", when nothing has yet been finally agreed.

Typical right wing anti union propaganda from the Telegraph .

absolutely,,, i hate the press, they never give the truth about whats going on.... they release lies, make the public turn on us...

[UnhappyGremlin]

I'm very suspicious.
But hope I'm wrong in that.

[DB1100]

I should imagine delivery staff will be shafted again.

[Chelseablue]

This company has gone for profit profit profit and ignored staff and customers. Our office is at an all time low ,worst sick absence ever , staff leaving every week . Cut offs every day , jobs not working At all , it's a horrible place to work now .

[barbario]

This company has gone for profit profit profit and ignored staff and customers. Our office is at an all time low ,worst sick absence ever , staff leaving every week . Cut offs every day , jobs not working At all , it's a horrible place to work now .

Same in my office.Morale has been totally shot to piece's.

[Dee Plish]

The deal is likely to dismay investors since Royal Mail repeatedly argued in the run up to its stockmarket listing that its offer to workers was already generous.

Rubbish. As a shareholder I am delighted the NOT generous deceitful offer from Royal Mail is now consigned to the dustbin, and that hard working employees are hopefully on the way to a decent settlement. They deserve it.

[Pete22]

The deal is likely to dismay investors since Royal Mail repeatedly argued in the run up to its stockmarket listing that its offer to workers was already generous.

Rubbish. As a shareholder I am delighted the NOT generous deceitful offer from Royal Mail is now consigned to the dustbin, and that hard working employees are hopefully on the way to a decent settlement. They deserve it.

Lol.