CWU:Royal Mail share cut 'scam'

[POSTMAN]

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CWU Press Release



Royal Mail has today (Tuesday) briefed staff about ColleagueShare valuations which leave postal workers up to £1,400 out of pocket, the Communication Workers Union has learnt. The union knows that Royal Mail has paid out ColleagueShare to staff who have left the company in the last six weeks and this exposes their argument that the shares are worthless - if they had no value then other staff should not have received payments recently.



ColleagueShare was introduced in 2007 as a ‘phantom share scheme' which pays out bonuses to staff based on the value of the company. The formula was agreed between Royal Mail and the government but CWU was deliberately excluded from those discussions and remains in the dark about operational details of the scheme. It has paid out up to £1,600 to postal workers so far and was due to pay out a further £1,400 this year, up to a limit of £5,300 over the five year life of the scheme.





Dave Ward, CWU deputy general secretary, said: "Royal Mail has destroyed any remaining trust that postal workers have for the company. Their argument that ColleagueShare has no value suits the company's new business plan and also fits with the agenda of the Conservative-led government and plans to privatise Royal Mail.



"It would appear that Royal Mail is manipulating the numbers to avoid paying staff earned bonuses and to help the government to privatise the company at a rock bottom price. This is bad news for the taxpayer, bad news for postal services, and bad news for Royal Mail workers.



"We acknowledge Royal Mail has problems with declining mail volumes and revenue but the company needs to honour its commitments to workers and be open and transparent about its financial problems.



"This news will anger workers and many of them will want the union to take action. This announcement comes hard on the heels of another announcement about job losses and we say to the company: don't follow your usual road to conflict.. Work with the union, rectify this mistake and honour all your commitments to your staff."

[POSTMAN]

LTB 277/11 Royal Mail Group Announcement



In addition to this Press Release(Above), Royal Mail Group has confirmed to the Union that employees who have taken voluntary redundancy, have in the past few weeks each received a cheque for £1,400 in return for cashing in their Colleagueshare holdings.



As more details emerge around the company's explanation, it increasingly looks like the company's new Business Plan has effectively been used to decrease the value of Colleagueshare - saving the company cash - rather than pay out monies due to our members.



Moreover, the new Business Plan, in the process of being agreed with the Government, raises a huge question mark over the company's capability and integrity to honour all existing agreements, including the overarching objective of avoiding any compulsory redundancies.



Given that the announcement comes at a time when the Government are trying to privatise the company, it could be argued that there has been collaboration to manipulate the value of the company and sell it off at the cheapest price possible.



The Union has advised the company that over the next few days we will be considering what steps we will need to take to rectify the situation..



It is important that our representatives bring these recent developments to the attention of our members.



Yours sincerely



Dave Ward Billy Hayes

Deputy General Secretary (P) General Secretary

[packmule]

Can anyone tell me how it can be even legal to pay out to a few and not all ?
surely it should be all or none.

just another RM "level playing field" where all walks are equal except some are more equal than others.


:ncfo :vcfo :dcfo

Screw em all inc hayes and crew
look after number 1

[loopz]

Interesting developments Postman, Thanks for updates

[comando09]

I thought it stated in the last pay that if we accepted it the value of the shares would be enhanced, if that is the case how can it be enhanced and end up at zero, oh i know, Royal Mail conned us again.What a surprise.Lets hope that all the top managers who get pushed out the door leave empty handed and don't get "golden handshakes".Crozier knows all about that!!!

[fishtank]

Moreover, the new Business Plan, in the process of being agreed with the Government, raises a huge question mark over the company's capability and integrity to honour all existing agreements, including the overarching objective of avoiding any compulsory redundancies.

Sounds like the union is being kept out of the loop on the "new" business plan doesn't it?
New relationship my arse...same old sneaky,underhand,slimy,backstabbing,lowlife feckers.

[hans solo]

they didn,t ask us to lapse today wonder why

[Darren Bent]

Think Royal Mail needed to be challenge in court for this.

[rcpostie]

If it is written down in the argeement then royal fail have a very big problem on they hands as they have a written contract with the staff.

Yours

[chip1987]

REALLY CANT UNDERSTAND THE FACT THAT IF THE SHARES ARE WORTHLESS, THEN WHY THE HELL ARE PEOPLE WHO LEFT GETTING A CUT, SURELY ITS NONE 4 ALL, NOT, ALL FOR SOME????

[postiepoole]

F*U*C*K*E*D OVER AND OVER THIS IS STARTING TO HURT NOW!!!!!!!!!!!

[hatetheboss]

I believe this is all a plan by Royal Fail, pi** the workers off, send out a statement suggesting the CWU have agreed to the closures in London, therefore turning members against the union and weakening their position in the fight that will no doubt happen.
We must all stick together and remain strong.

[Broxi51]

We should just walk out. Each & every office should just say 'F*** it' tomorrow and stand at the gates.
RM have shafted us big time and made it worse by giving £1400 to hard working posties who have left the business.
This is RM's folly and we the postal staff should make them pay.
Don't leave it to the top guys of the CWU as that is like letting them apply some KY. We still get shafted it just doesn't hurt as much.
Dave Ward & Billy Hayes will go into intense negotiations with RM for a few weeks, maybe a month. All things will look bleak and
then hey presto, they will come out waving a piece of paper saying they have managed to get us £200 each.
The stupid will wave their arms and cheer since 200 is better than zero but it is sh*te compared to the 1400 we should have at least got.
The CWU can only go into negotiations with what they have available. At the mo, it aint much and it allows RM to have the upper hand.
By striking, we give RM & the ConDem pause for thought .

[REDLETTER]

If it is written down in the argeement then royal fail have a very big problem on they hands as they have a written contract with the staff.

Yours

But its just an AGREEMENT!!!! Unless they have said it is binding, as in a contract, then that is all it is. A jolly good meeting of minds of 2 parties.

[Stormproof]

I did'nt have a problem with the 'new' value of the shares until I heard that people that have left very recently got £1400, which is £400 more than they were valued at last year. Now I'm fecking fuming, how can they possibly get that amount when us poor sods left behind get f**k all. Someone at RM has cooked the books yet again.