Frontline staff entitled to 20% of profits?

[TopperGas]

Noticed this being discussed on Facebook and it seems as a result of a previous pay review following the lengthy strike action it was agreed that frontline staff would get the first 20% of Royal Mail Ltd's profits, as RML became IDS does anybody know if we're now entitled to 20% of their £300m+ profits? The news article seems to confirm it was part of the agreement;

https://www.personneltoday.com/hr/royal-mail-deal-cwu/

[Hitcher]

About £20.

[SpacePhoenix]

Don't know what the currently total number of staff is but going on the assumption of it being 100,000 it works out at about £600 each.

[qwerty2]

No profit after redundancies inc. We owe them £20 each

[Jefferson Starfish]

Don't know what the currently total number of staff is but going on the assumption of it being 100,000 it works out at about £600 each.

And you think we'll get a share of total IDS profits, when we've only contributed to RM profits?

[norris9]

if based on the £12mil........ 20% = £2.4mil

divided by 100,000 CWU members....

= £20 each

[TopperGas]

Don't know what the currently total number of staff is but going on the assumption of it being 100,000 it works out at about £600 each.

And you think we'll get a share of total IDS profits, when we've only contributed to RM profits?

The agreement was for Royal Mail Ltd profits, according to Google RML became IDS not RM following the subsequent name change.

[mr hil.]

Taken from the Agreement ...

4.3 Profit sharing payment

In addition to the pay increases, agreement has been reached for profit sharing over the life
of this agreement. For each financial year up to and including 2024/2025, a one-off payment
will be made to employees, payable on Royal Mail Group Ltd returning an operating profit in
any financial year in that period. The first 20% of operating profit will be distributed as a oneoff
payment to employees, paid after publication of the company’s audited accounts.

Any payment is a non-consolidated, non-contractual bonus subject to tax and national
insurance.

To receive the one-off payment employees must be in Royal Mail employment on the date
the applicable payment is paid.

So what was last years operating profit? The results I have seen mention adjusted profit

[Jefferson Starfish]

IDS is the parent company.
It's UK operations are mainly RM and Parcel Force.
It's worldwide operations are mainly GLS.

A share of the overall profits would be great, but anyone who thinks it'll be based on anything more than RM profits, is kidding themselves.

Around £20 each then.....

[TopperGas]

IDS is the parent company.
It's UK operations are mainly RM and Parcel Force.
It's worldwide operations are mainly GLS.

A share of the overall profits would be great, but anyone who thinks it'll be based on anything more than RM profits, is kidding themselves.

Around £20 each then.....

The agreement clearly stated Royal Mail Ltd which was the former parent company of GLS & RM before it became IDS, perhaps it was an error and should have said just Toyal Mail but you hoped a company the size of RML would get the wording of an agreement correct.

[Jefferson Starfish]

I'm not sure the former name is particularly relevant.
My recollection is that IDS was a thing before this particular agreement was negotiated.

As you say, the agreement states 20% of RML profits will be shared with the workforce.

RML are a separate entity within IDS.

RML profits were £12 million.

It seems clear to me.
I'm sure we'll find out in due course.