Junior and middle managers at Royal Mail satisfied with the pay deal

Royal Mail had presented a pay deal to its junior and middle managers in the past week that was up for voting. As of Friday, sources have highlighted that managers have already voted on the deal that highlights a total of 5.3% pay increase over two years. Sources from the Royal Mail have reported that around 70% of the managers voted in favor of the pay deal.

Contents Of The Pay Deal

As per the deal, as many as 6,500 managers in total have been reported to be eligible for the increment. Backdated to September of 2019, the raise for this year is valued at 2.6%. Onwards of September 2020, however, the increment applied will be worth 2.7%.

The deal also includes a bonus of one thousand Sterling to be given to the managers by the end of the year. According to the agreement, this amount is likely to be deductible from the final bonus that will be given in June of next year.

The Chief HR officer of Royal Mail, Ms. Sally Ashford, speaking on behalf of the business, expressed her gratitude to the voting members for having accepted the pay deal presented by Royal Mail. She further added that the increments are well-deserved and echo the hard work that junior and middle managers have invested in the business to build and sustain its reputation in the market. She was excited about the future prospects and success of the business derived from the dedication of the valued managers.

Royal Mail’s Performance For 2019 In The Stock Market

The stock performance for Royal Mail, in general, hasn’t been favorable. The share prices were reported at 272.60 GBX at the start of the year 2019. Having made a year-to-date high of 304.30 by the end of January, the stock has mostly traded lower than the opening level. It printed the lowest level for the year back in August when it was seen trading at around 188.0 GBX. In the past couple of months, Royal Mail has recovered the majority of the losses and is currently trading around 217.0 GBX. On the daily chart, however, it posted a drop of around 1.9% on Friday; having opened at 218.50 GBX and closing for the week around 216.0 GBX.

In the recent news, Royal Mail was also reported to have posted around 6,000 temporary jobs for warehouse operatives and delivery drivers to counter the first national strike comprising as many as 110,000 workers in over a decade.

About the author

Michael Harris
I began trading in my early 20’s and since then have combined my knowledge and love of the industry to become a news writer. I am passionate about bringing insightful articles to readers and hope to add some value to your portfolios!