Royal Mail offering VR with pay in lieu

[goghorn]

I'm 57 been at royal mail for 37 years, royal mail have offered me
just over £21,000. my work mate who is 54 and been with royal mail
36 years has been offered £42,000, how does that work?

[P13]

I'm 57 been at royal mail for 37 years, royal mail have offered me
just over £21,000. my work mate who is 54 and been with royal mail
36 years has been offered £42,000, how does that work?

If you are over 55 I think you will get your pension as well

[Scotland1]

Yes it's because u can draw ur pension if u want coz ur over 55. I'm 41 with 14 years service just been in with manager this morning and offered £22k not including shares, what do I do ?

[rehabron]

Hi, not to sure how vr works... ive done 25 years and im 45...

Is that about 15 k for VR ????

Thanks

41.5 weeks that works out at.

Be careful the formula that some of you guys are quoting in anticipation of your VR payments as it is not simply based on the government national redundancy payments that the majority of you have been posting.
At present I cannot comment on the enhanced VR payments that RM is offering but with regards to the national redundancy payments which in certain circumstances comes in to the equation and no payment would be less than this amount which is based on age, length of service and weekly gross payment which currently is capped at 20 years and £ 464 per week.
In this example quoted his current age is 45 years old with 25 years service to be rounded to full years service.
This means that in this example service commenced at the age of 20 years giving 0.5 week to age less than 22 years + 1 week for age 22 to 41 + 1.5 weeks for age 41+ that should work out at 26 weeks and at meeting the maximum weekly capped = 26 X £ 464 = £ 12,064.
Further to be considered if colleague considering the VR terms is still contributing to the RM pension plan or has already pulled their NRA 60 lump sum payments as this has a reflection on the amount of VR payable in relation to a colleague who has withdrawn their pension lump sum and would receive the maximum of 104 weeks or the national redundancy payment whichever is the greater.
If still within the RM pension plan then this could only encourage a VR payment of 26 weeks.
Would suggest if you are considering VR then ask HR for a complete breakdown of how their VR offer was reached.

[rehabron]

Yes it's because u can draw ur pension if u want coz ur over 55. I'm 41 with 14 years service just been in with manager this morning and offered £22k not including shares, what do I do ?

Its the chicken in the egg situation as you re only 55 years of age and assuming in good health then you have a further 10 years of employment until receiving your state pension then how much income can you accrue in that time offset against the £ 22 K offer and staying on and still contributing to the pension plan and building up your pension lump sum and benefits payment or what is the chance of you finding another alternative employment.

[paulthepostie]

These calculations can't be right?. I have 13 and a half years service, 35 years old and i was offered £19500 by my dom, and i am not in the pension.

[pants123]

Hi, not to sure how vr works... ive done 25 years and im 45...

Is that about 15 k for VR ????

Thanks

41.5 weeks that works out at.

Many thanks.....

[rehabron]

These calculations can't be right?. I have 13 and a half years service, 35 years old and i was offered £19500 by my dom, and i am not in the pension.

As you are not in the RM pension plan then your offer would have been the statutory redundancy payment based on age on entry, length of service and your gross weekly wage multiplied by 3.75 up to a maximum of 104 weeks.

[wacko74]

Are any of these VR's that are being offered actually in delivery?

As every D.O. I'm familiar with is understaffed and running on a skeleton crew with D.O.M's constantly pleading for people to do overtime.

[rhia]

Think if not in pension its 2yrs wages

[Martin Walsh]

Yes the VRs are to delivery offices on the following basis if your new model shows you need to reduce headcount due to traffic decline be that competition or just a decline in workload. Of course if your office has vacancies or have not seen any traffic decline then vrs in your office will not be on offer.

Remember every office is meant to be reviewing effiecncy at the moment and deciding whether a structural revision is necessary , table top or you can cope with normal resourcing.

My understanding the North East have agreed a way forward on Vrs as well as London and other divisions are in discussions.

The offer for pilon ie that you don't have to serve your notice period is only on offer if the union has agreed that your office will need VRs and if the indivdual has signed the legal VR by 27th March.

[y2j4dx]

I've done 18 years 2 months and am 37 what does that amount to? I've recently been asked about IHR if when I return to full duties I can't manage it. So which is best for me VR or IHR?

Cheers

[baldrick]

I've done 18 years 2 months and am 37 what does that amount to?

According to the mtsf2 VR ready reckoner, at 37 with 18 years service your VR payment would be 61.875 weeks.

I don't know about IHR, but I think it's 34 weeks + 12 weeks PILON.

[y2j4dx]

I've done 18 years 2 months and am 37 what does that amount to?

According to the mtsf2 VR ready reckoner, at 37 with 18 years service your VR payment would be 61.875 weeks.

I don't know about IHR, but I think it's 34 weeks + 12 weeks PILON.

Thank you

[OnAFlyer]

Hi, not to sure how vr works... ive done 25 years and im 45...

Is that about 15 k for VR ????

Thanks

41.5 weeks that works out at.

Many thanks.....

Eh? The VR table says 99.375 weeks for that service and age.