Evr/vr

[Jerseygirl]

Can anyone explain the difference between Evr and Be
May have the chance at the end of the year but may be the last chance of Evr..don't know if it will change to Be
Can someone explain(in basic terms) thanks

[k979aaa]

Can anyone explain the difference between Evr and Be
May have the chance at the end of the year but may be the last chance of Evr..don't know if it will change to Be
Can someone explain(in basic terms) thanks

By Be you mean VR which is nonexistent for most max is 104 weeks pay Evr is pension with possibly some kind of pay but is usually reduced dependent on pension and everyone is different case.

[RobertT]

Can anyone explain the difference between Evr and Be
May have the chance at the end of the year but may be the last chance of Evr..don't know if it will change to Be
Can someone explain(in basic terms) thanks

VR(voluntary redundancy) might be offered if the company is looking to reduce the workforce, usually as part of a revision or similar process.
It should be offered on a seniority basis with the payout depending on age and length of service, up to a maximum of 104 weeks pay. You can work out what you might get by using the ready reckoner.

EVR(early voluntary retirement) used to be offered to the over 55's instead of VR and consisted of 26 weeks pay plus an enhanced pension of 37.5% of what you would have got had you stayed employed by RM until age 65.
The terms of the MTSF were changed in 2015 and EVR was then only offered if the total cost to RM was less than 104 weeks pay.
However since 31st March 2018 when the RMPP closed to future accrual, EVR is no longer an option at all. In the 4 Pillars agreement document, the following text can be found:

As a consequence of the closure of the current DB scheme it will be necessary to amend certain other collective agreements, in a way that is consistent with the spirit and intent of those agreements to reflect that the scheme will no longer pay augmented benefits on redundancy or ill-health.

So VR is the only option!
But also bear in mind that a lot of new starters over the last few years are on temporary contracts and RM can quite easily get rid of them at very small or no cost, while 104 weeks VR for a full timer will be in the region of £50k.
So I wouldn't have thought RM are going to be keen on too many VR's.

IHR with pension is also off the table, but IHR with lump sum is still offered.

[Deadly]

But also bear in mind that a lot of new starters over the last few years are on temporary contracts and RM can quite easily get rid of them at very small or no cost, while 104 weeks VR for a full timer will be in the region of £50k.
So I wouldn't have thought RM are going to be keen on too many VR's.

If Royal Mail took a long term view (difficult to believe I know) wouldn't it be cheaper to get rid of the old timers on full time contracts with all the perks they have and keep the part timers on inferior contracts?

[RobertT]

If Royal Mail took a long term view (difficult to believe I know) wouldn't it be cheaper to get rid of the old timers on full time contracts with all the perks they have and keep the part timers on inferior contracts?

I don't know all the maths of it, but its all swings and roundabouts really. What they gain with one hand, they'll probably lose with the other to one extent or another.

There was a preference exercise in my DO a few years ago when they thought Whistl were going to start deliveries, and the DOM at the time actually said she didn't want the experienced posties to leave, because they're better at the job than the younger part timers.

Plus RM have already had their fingers burnt over the last few years, by giving people VR and then ending up employing someone else on similar contracts, and therefore wasting their money.

With these lapsing 1 in 6 duties plans and possible changes to the USO, in my opinion there could be tens of thousands of job loses in the coming few years, so I can't see RM shelling out hundreds of £millions in redundancy payments. Although I would be quite interested in VR myself if it came my way.

Interesting times are ahead!

[k979aaa]

Can anyone explain the difference between Evr and Be
May have the chance at the end of the year but may be the last chance of Evr..don't know if it will change to Be
Can someone explain(in basic terms) thanks

VR(voluntary redundancy) might be offered if the company is looking to reduce the workforce, usually as part of a revision or similar process.
It should be offered on a seniority basis with the payout depending on age and length of service, up to a maximum of 104 weeks pay. You can work out what you might get by using the ready reckoner.

EVR(early voluntary retirement) used to be offered to the over 55's instead of VR and consisted of 26 weeks pay plus an enhanced pension of 37.5% of what you would have got had you stayed employed by RM until age 65.
The terms of the MTSF were changed in 2015 and EVR was then only offered if the total cost to RM was less than 104 weeks pay.
However since 31st March 2018 when the RMPP closed to future accrual, EVR is no longer an option at all. In the 4 Pillars agreement document, the following text can be found:

As a consequence of the closure of the current DB scheme it will be necessary to amend certain other collective agreements, in a way that is consistent with the spirit and intent of those agreements to reflect that the scheme will no longer pay augmented benefits on redundancy or ill-health.

So VR is the only option!
But also bear in mind that a lot of new starters over the last few years are on temporary contracts and RM can quite easily get rid of them at very small or no cost, while 104 weeks VR for a full timer will be in the region of £50k.
So I wouldn't have thought RM are going to be keen on too many VR's.

IHR with pension is also off the table, but IHR with lump sum is still offered.

They do offer VR for managers and it is by all accounts common practice not that we have any say in the matter.