DID I NOT SAY THIS WEEKS AGO…READ IT AND WEEP..DONT FORGET TO BUY A PADDLE22 Sep 2022 12:55
Royal Mail shares hit a two-year low this morning after the company confirmed that it still hadn’t reached an agreement with the Communication Workers Union (CWU) and would be terminating its agreement to protect jobs.
The company told the union that it would also be scrapping a nine-year deal to protect jobs and conditions, pushing the CWU to back down on strike action.
“After five months of talks and three days of damaging strike action, CWU continues to delay and block the changes we need to compete and protect jobs long-term. Royal Mail is losing £1million a day, and we need to break the impasse and move ahead with our transformation,” a Royal Mail spokesperson said in a statement today.
“We have today informed CWU that we want to modernise our ways of working, including serving notice and reviewing a number agreements that have been used to resist change, frustrate the adoption of technology, and effectively veto our transformation.”
It is understood that the company served notice of its intention to terminate the agreement this morning to union chief in person.
The private firm said it has proposed further talks should be taken to the publicly funded ACAS (Advisory, Conciliation and Arbitration Service).
Released not to long ago..so some may have already read this,but for those who haven’t…
Shares plunged a further three per cent this morning following the news, the stock hit its lowest point since late 2020 to 207p.
Meanwhile, the union accused Royal Mail of an “all out attack,” calling on members to take part in upcoming strike action – scheduled for 30 September and 1 October.