Royal Mail’s main union accepted a salary and employment terms agreement with the UK postal services firm last Friday and will vote on it soon.
Royal Mail’s parent International Distributions Services (IDS) (IDSI.L) said Communication Workers Union (CWU) members in Royal Mail and Parcelforce should vote for the accord, which includes a 10% salary increase and a 500-pound ($619.15) lump bonus.
The new development followed three nationwide strikes by more than 110,000 Royal Mail postal workers in 2022.
After Royal Mail warned of job cutbacks and announced it was reconsidering many old agreements and practices that it felt the union used to hinder its transformation into a parcels-led business, the disagreement worsened.
Royal Mail lost around 200 million pounds due to 18 days of strikes between August and December.
Britain’s inflation dipped to 10.1% last month from 10.4% in February, matching the latest salary increase. However, Britain saw double-digit inflation in March.
No compulsory redundancies until April 2025, when the agreement will be reconsidered.
IDS also claimed Royal Mail’s delivery start time will be delayed from March 2024, and only new employee contracts will include regular Sunday duty.
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