Every Royal Mail worker, from managers to postmen can expect a windfall. Around 140,000 workers have been promised 10% of the company by the UK government.
Business Minister Michael Fallon says that every single worker in the British Royal Mail will be given an attractive offer – around £1,500 of shares. When the company floats on the stock market the windfall would be the largest company share scheme in a quarter of a century. A deal that values the company from £2-3 billion is being targeted before April of next year.
All workers will benefit
The information was revealed by the Minister himself when he delivered a speech on the privatization of the United Kingdom’s postal service during a Policy Exchange meeting. The move to privatization is rather controversial and is causing many to fear pay cuts in the future. The Minister assures worried workers that it is not only the company executives who will get away with millions of pounds.
The Business Minister says that the share handout will be fair to workers and beneficial to all. He said that Royal Mail staff are all important indeed in the future successes of the company and as minister, he would work for the right deal for them.
The Opposition
He also sent word to the Communication Workers Union (CWU), the UK’s postal union with a rather militant stance, to cooperate with the government or the deal may not push through. The CWU is threatening to hold a boycott as an expression of protest. The CWU has been staunchly opposed to the move to privatize Royal Mail.
Aside from cuts in pay, it is widely feared that prices will rise and the service will be utterly destroyed. The Union also wants to make it clear whether shares will be given for free or are being given at a discounted price. The Union has made it clear that they will oppose any deal that will require any postmen to invest even just a penny. The general secretary of the CWU, Billy Hayes said that postal workers will not sell their souls for 10%.
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