Tory MP Brian Binley Questions Vince Cable's 'Compassion'

[TrueBlueTerrier]

Tory MP Brian Binley Questions Vince Cable's 'Compassion' For Royal Mail Staff

http://www.huffingtonpost.co.uk/2013/10 ... _hp_ref=tw" onclick="window.open(this.href);return false;


Vince Cable has been accused of lacking "any compassion at all" for Royal Mail staff who could be stripped of their shares if they are forced to leave the company.

The confrontation at the Commons Business Select committee came after Cable revealed that over 700,000 applications for Royal Mail shares had been received before for the midnight deadline on Tuesday.

Royal Mail staff gets free shares but are unable to sell them for an initial three year 'lock-in period', and will lose them if they leave the business.

Tory MP Brian Binley said the government had been "unfair" to Royal Mail staff "who had been immensely loyal" to the business, expressing concern that they could lose their shares in case they had to leave the business due to redundancy, ill health or forced relocation.

"Do you not have any compassion at all on this particular matter?" he asked Cable.

Cable initially suggested that people who had to leave Royal Mail due to redundancy, illness or relocation would be safe as "good leavers". However, Binley warned that the threat of losing shares could be used as a "disciplinary measure", which led Cable to admit that he needed to do "some more detailed work".

"I will certainly take up the issue on that probably small number of cases of people who might find themselves disadvantaged in that way," he said.

The LibDem business secretary confirmed that Royal Mail shares were oversubscribed seven times over, dismissing suggestions from City analysts that the business was undervalued as "froth" and "irresponsible".

Royal Mail's precise share allocations are set to be announced on Friday as it begins initial trading. David Buik, from City analysts Panmure Gordon, told the Huffington Post UK: "It looks like it's going to be an unqualified success. It has been underpriced but it hasn't been done wantonly."

[Shambles]

Mmmm...and RM will be aiming to relinquish some Full time Posties of their jobs via trumped up charges to gain their shares, because they WILL try to pick us off, one by one, over the next 3 years....

WHY have imposed the 3yr clause?
We all need to be vigilant, and if we see others being singled out for 'special managerial treatment'
Be A Witness!
We are all sitting Ducks now!
You know it makes sense Rodney, you Plonka!

[wandle]

WHY have imposed the 3yr clause?

I know we all like to portray RM as an evil employer. But on the 3yr 'clause', they are not guilty of any foul play.
All such Share Incentive Plans (SIPs) - not just this Royal Mail one - have the same rule regarding holding the shares for at least three years. The rules for such schemes are set by HM Revenue and Customs

[Shambles]

WHY have imposed the 3yr clause?

I know we all like to portray RM as an evil employer. But on the 3yr 'clause', they are not guilty of any foul play.
All such Share Incentive Plans (SIPs) - not just this Royal Mail one - have the same rule regarding holding the shares for at least three years. The rules for such schemes are set by HM Revenue and Customs

Let's get one thing straight from the off, THEY ARE EVIL EMPLOYERS...
I DON'T like being held to ransom, and should have been given £2,000 in my hand, to do with as I PLEASE!
Then, if I'd have wanted to buy shares in a Company I work for, it would have been MY prerogative!

Capeesh?

By the way thank you for explaining the customs revenue thingamajig

[Lounge Lizard]

WHY have imposed the 3yr clause?

I know we all like to portray RM as an evil employer. But on the 3yr 'clause', they are not guilty of any foul play.
All such Share Incentive Plans (SIPs) - not just this Royal Mail one - have the same rule regarding holding the shares for at least three years. The rules for such schemes are set by HM Revenue and Customs

Is it really a RULE set by HMRC, or does HMRC suggest such a clause to simplify tax matters ?

[TrueBlueTerrier]

The general rule is that there is no income tax or NICs to pay when the shares
cease to be subject to the plan, provided they have been held in the plan for
the full five years required by the legislation. Different amounts may be taxed
if the shares have been held for a shorter period (S505 to S507)

http://www.hmrc.gov.uk/shareschemes/sha ... visors.pdf" onclick="window.open(this.href);return false;

[windermeredave]

Makes you wonder if Cable will threaten to take our shares back if we go on strike

[UnhappyGremlin]

Makes you wonder if Cable will threaten to take our shares back if we go on strike

Let him.
Won't stop us.

[meweavy]

Makes you wonder if Cable will threaten to take our shares back if we go on strike

Who gives a crap about the shares anyway?.
Im still reeling over the last "shares"we were offered.

[redandblue]

Makes you wonder if Cable will threaten to take our shares back if we go on strike

Let him.
Won't stop us.

Well said sir