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@ InvestorJohn5.
I totally agree with your post. If it's enshrined in law, why not just pay out?
I can't answer that, other than to state the obvious. That it would be severely detrimental to the business.
As for 1M a week: That's a possible top end figure I was given, but not sure if it's accurate. I assume that if you have base overtime figures, the non payments could be arrived at as an average.
I'm not sure what constitutes a lot of overtime, but if a manager is asking, I'm sure that there's a saving somewhere.
This will be coming to fruition soon though.
Another reason why the price might slip even more?
Thanks Isleworth
Seems abit of a mess, much like a lot of other things within the company it appears. Why would they need to deal with the union though, they either have to legal pay it or not pay it in law. There’s been several cases in the past 2 or 3 years before the courts which have ruled that it legally has to be paid so it will be interesting to see how it turns out.
You mentioned £1m a week it could cost, why so high? Surely overtime in a business should be at a minimum if management are managing properly. Is there really that much overtime taking place?
Isleworth's Pies,
Very interesting - Thank You
R Ingo007
maybe doing a bit of ghost overtime in the house of lords...………..you never know ispy...……...
ispy perhaps the judges were strolling around on 300k a year and thought sod this......
InvestorJohn5. Oli G.
I had a court date last month. It was cancelled by the courts because RMG stated they were in talks for a resolution.
I tried to claim from April 2017. It wasn't a great deal of money.
The proposal that RMG have put to the CWU had so many conditions it was rejected straight away. It would've meant that the majority of employees would receive next to nothing, my area rep informed me.
We have had claims paid out in my office for 1 weeks leave, and I believe that there have been a few claims in the area going back at least a year.
Should all claims be upheld, going back three years, the figure of 1M a week has been suggested. Of course this is not just about claiming retrospectively, it's about going forward too.
Investorjohn5, I am not aware of any impending court case however I do know of several OPGs that have gone through ACAS and received settlements of between £400 and £750 as they can then back claim for 2 years.
It would appear that RM are not complying with the law because they claim that overtime is voluntary but even voluntary overtime falls within the framework of the ruling.
Thanks for the informative reply.
I have been doing some more research across various boards this weekend and was wondering if anyone knows if the company has put out any guidance regarding how much it is going to cost them to fully comply with the U.K. overtime holiday law. I’m not sure if how much overtime is worked within RM (it sounds like a lot though reading some sources). Various people state they have been getting out of court settlements for several hundred pounds and others are saying there is an upcoming court case against RM. Does anyone know the figures it’s likely to cost the company?
Thanks
I have been watching this closely from the sidelines for about 6 months now but am struggling to see exactly where the future for Royal Mail now is. The parcels strategy is clearly about 15 years too late and the future is obviously not in letters so where does the company go exactly? The value must be in the network and assets so do management have any plan to make the most of these?
I'm watching with interest but cant see a catalyst to a higher share price, surely now the dividend will have to be cut drastically or axed totally. Any thoughts?