LTB 455/12 - Colleagueshare/New Incentive Arrangements

[Himaggen]

How can the company be worth less now than it was in 2010 dingo?

Any chance you could answer this question dingo, every single member I know is asking the same thing.

[ronpetetrevchris]

For my two pence worth its just like receiving nothing. £100 after tax is next to nothing more than a token gesture. £100 increase to xmas bonus scheme that has remained static for Lord knows how many years anyway is not really a win (for me). Poor effort and i feel when i pass this news on to members im in for another embarrassing few days.

[daveyeff]

100 quid or nowt,, will it matter. we,ll be private very soon so its worth absolutely feck all. well done dave. you,ve secured us sod all. ya in bed with green and higson & co

[Martin Walsh]

Himaggen I have explained earlier in a thread but I will repeat it again. The Company and th Government both needed European State aid authority in order for the Pensions deficit to be taken over by the Government along with the percentage of the assets and in order to push through the bill which would eventually allow for Royal Mail to be sold.

So the first thing which needed to be done was put a valuation on the company which was 2.4 billion. You then have to show your liabilities and the liabilities were a pension deficit of over 7 billion pounds which the company were having to service at just short of 700 million. In addition it also was meant to be paying back to the Government for the loan on the money which bought in the machines. Then it's operating profits were low and in Royal Mail the profits were achieved by GLS the Royal Mail owned foreign parcel company.

DSA was also accounting for over 50 % of the profitable part of the industry mail. Which means that Royal Mail revenue is significantly down. Stamp prices were generally low and were loss makes for Royal mail.

On top of all this the Business Transformation agreement Was way behind schdule.

Now when you ask for European State aid you have to open up your books to the Euopean Commission and they examine everything.

Now how could Royal Mail at the same time as opening their books up applying for EU state aid in order to resuce the company from financial disaster then pay out in the region of 26 million pounds in colleague share money to all employees based on achieving financial targets ? it was a no brainier !

Now was it a con yes , did some get paid out the full money a couple of month before yes but the valuation of the company was the cut off point.

Now in terms of what's on offer is £100 permanent addition to the Christmas bonus. plus the possibility of more money via. A bonus scheme based on the half yearly profits and full yearly profits. now the pension deficit has been largely resolved there should be a real possibility of increasing the profitability of Royal Mail.

Plus let's be clear the Xmas bonus came from the ex IWM scheme not all offices achieved any bonus under the scheme originally and some never went in to IWM. What happened was their was a cap put on the £ 100 and any office who was earning more than an £ 100 lost that payment in order for that money to go to other offices who did not have a christmas bonus.

Remember only a few years ago some offices had £100 Christmas bonus and some has as low as £42. The CWU got everyone up to an £100 and now from 2013 this will double to £200.

before people jumped to criticise wait until you see the details of the scheme which overlays the new bonus scheme. oh and the CWU are not like the bankers we cannot get wages or lump sums free from tax and national insurance.

[fishtank]

All of that is just smoke and mirrors though dingo.
The business was legally obliged to use exactly the same formula to value the shares as it did in 2010 so where did the value that was there in 2010 really go?
Either it wasn't really there in 2010 and we were lied to over the possible rewards available with the BT2010 agreement or that value is still really there now hidden in mountains of bullshit and double speak and we are being lied to now.
Either way it's Moya's lie and Dave should remember that when he sits cosily by her side at conference.

[hazzeem025]

wow £100 yipee. Billy Hayes gets £29000 for working 87 days of his holidays between 2000 and 2012 and we get £100 for being bullied, harassed, treated like idiots. Billy Hayes gets what £340 per day cos he worked his holidays (which he shouldn't have done, after all we're encouraged by the union not to take part in this practice) and we the workers who are that knackered when we finish, we sit down at home with a brew and fall asleep get £100!!!!!!!!!!

Well thankyou.

It seems to me that the cwu really has no idea how allienated many of it's members by the way it acts. I don't give a s**t if it says in Billy Hayes contract he'll get paid for working his holidays. It's wrong. Someone please justify how he gets what works out at nearly £340 per day?

It stinks.

[P13]

Gonna put mines on holland so I can get the whole wack back,!

Are you sure you didn't spend it on wacky backy

[Himaggen]

You then have to show your liabilities and the liabilities were a pension deficit of over 7 billion pounds which the company were having to service at just short of 700 million. In addition it also was meant to be paying back to the Government for the loan on the money which bought in the machines. Then it's operating profits were low and in Royal Mail the profits were achieved by GLS the Royal Mail owned foreign parcel company.

<SNIP />

Now how could Royal Mail at the same time as opening their books up applying for EU state aid in order to resuce the company from financial disaster then pay out in the region of 26 million pounds in colleague share money to all employees based on achieving financial targets ? it was a no brainier !

I have to ask, surely the Colleague Share AGREEMENT with defined payout dates was a liability too and therefore already catered for!

Also I was of the understanding that the Scheme's payouts were based on a valuation not financial targets being met, targets are set by RM, value is a balance of the books. The precise things which we were informed were holding us back are no longer doing so; The pension deficit has no longer to be covered, the cost of stamps has been raised and some of the anti-competitive restrictions on RM lifted.

All I need to know is what outgoings affecting our valuation, which were not accounted for eighteen months ago, (when others received money from the scheme), have replaced those which are now no longer financially strangling us?

[gerardy]

Now how could Royal Mail at the same time as opening their books up applying for EU state aid in order to resuce the company from financial disaster then pay out in the region of 26 million pounds in colleague share money to all employees based on achieving financial targets ? it was a no brainier


Well does anyone know how many managers work within RM and how much it will cost to cover their bonuses and why this info will not bother the EU bail out

[Danelectro]

i expect dave ward realizes there is no appetite for industrial action. i don't think half the people i work with would strike if moya burnt their homes down.

I fear you may be right and i also think that RM now realise the apathy that exists as witnessed in the Network 12 farce where management appear to be running right through the union and out the other side.
There will be more of it to come.

The CWU no longer tell you how it is and are as much lost in the world of spin as your average cabinet minister-hence Dave Ward setting up his own TV station(CWUTV) and then interviewing himself with his own questions! The endless back tracking and window dressing of agreements and business speak and the impending disaster stories is classic Royal Mail,fiddling while Rome burns and absolutely devoid of any clue of how to secure our working futures.....

[jmcg]

100 pounds? its nice to know how much we are valued by our own leadership..i cannot wait for christmas 2013 bonus...still at least we have our 2012 christmas bonus to look forward to...all 100 pounds of it...and in the meantime i can continue to be outnumbered in my workplace by casuals at a ratio of 2-1!,

[spoodoo]

Yeah yeah I know lol

[dvbuk55]

£100, less tax, insurance and pro rata so on a 25 hour contract I think I will get the princely sum of approx £48 - am I really that cheap - I just checked my bank account and the weekly shopping bill at Sainsburys including delivery was over £130 quid, so I will be eating for 2/3rds of the cost this week...............probably bread and jam for the rest of the year! It works out at a princely 96p a week..................can you get a loaf and a jar of jam for that.

[Lincox]

Having pilloried Royal Mails bank accounts with unjustified bonuses for many years, these Senior Managers could have won themselves some brownie points by donating this years bonuses to the pittance they have agreed to pay the workers, who without over the last few winters, would have been up sh.t street without a spade.

[whatamess!!]

Doesn't the new agreement say that colleague shares will be re-looked at by an independent party, so if the independent party say they were worth something then surely that's what RM will have to pay us, so colleague shares is still not at a finalized state???