Member Info for OliGarch

Ispy, "rumour has it that Evri is the courier that GLS is off-loading the parcels to?"
This could be likely? My daughter's boyfriend has worked as a courier for Evri for four years and has confirmed that his usual 150 items per day has been increasing recently. This week he has had over 200 items each day. Today he had 243 items of which he was unable to deliver 6 items.
In case anyone is wondering how much an Evri courier earns, he receives £1 per item. His accountant submitted an income of £47k and he paid £580 in income tax for the 2021/22 tax year. He has to pay for the running costs on his 2019 Mercedes crew cab (which will be written off as tax deductible in 2023), however this is all tax deductible as are his accountant fees. He also pays 18% into his private pension.
So, when Thompson says that RM posties are paid 40% more than our competitors, I tend to take that with a pinch of salt.

Ispy, if it is the case that GLS are using a non RMG courier for it's UK deliveries then that says just about all we need to know.
May as well split GLS off now to spare Seidenberg any more embarrassment and leave toot toot Thompson to his own devices.....lol

https://news.sky.com/story/housebuilder-taylor-wimpey-gives-employees-1-000-cost-of-living-bonus-12664660

More bad news on the horizon?
https://www.theguardian.com/business/2022/aug/03/uk-inflation-could-reach-15-by-start-of-2023-experts-say

Rural, you know the score.....always blame the militant, lazy, stuck-in-the-1970s, left wing workforce after all who else could possibly be to blame?.....lol
I still think that if the CWU take the 2% and refuse to negotiate change then RM UK will post a small profit this year which would rather prove the point that doom sayer Simon was stretching the truth to put it politely with the "even if we make change now we might break even" scenario.

AngerSharkz, not only are the posties mentally prepared, the RM UK CEO is also prepared and fully expecting industrial action.
One interesting scenario could be that the CWU accept the imposed 2% but refuse to negotiate on any changes? It would then be interesting to see where RM UK end up at Q4. My money would be on RM UK posting a weak profit but nonetheless a profit.

AngerSharkz, Commonsense and DerekRocholl, thank you for your input and analysis today. DerekRocholl, the link to wsj looks to be in a format that even I can understand. Commonsense, the net cash looks a lot lower than I had imagined but thank you for your insight.

More to the point, how much did RMG have in cash pre pandemic?

AngerSharkz, DerekRocholl, if as Commonsense has stated that RMG has £1bn cash on deposit and that cash isn't being held against a loan then surely that's going to play into the hands of the CWU? When Thompson says "we can't afford it" surely Pullinger is going to respond with "what about the £1bn+ that you have stashed under the bed?
This was the point of my original post.

AngerSharkz, so if the value of RMG liquid assets are around £3.5bn (so not fleet, automation or property) what proportion would you assume belong to GLS and RM UK respectively and are these assets held against loans or other securities?

Jargonpain, you have hit the nail on the head. The zero hour gig economy is exactly why today's workforce needs a strong collective voice otherwise it's a race to the bottom for Victorian Britain.
Hopefully the UK Government will jump on the utility companies who still continue to post obscene profits at the expense of those who work in the gig economy and are amongst the lowest wage earners.

Commonsense, "union members should all be shareholders"..... Many are shareholders and have been since the launch in 2013.
"I would have the massive pension fund invested in the company"..... Thankfully for legal reasons that can never happen.
The original pension fund which ended in 2012 is shared with Post Office Counters and is managed by Capita on behalf of the UK Government.
The Royal Mail Pension Plan (post 2012) has a value of around £12bn, is managed by a separate group of trustees and is completely independent of RM.

DrVeteran, thank you for putting this point across in a far more eloquent way than I managed yesterday.
Have you been listening to Roxy Music?....lol

Commonsense, as an extra thought, I would presume that GLS will be funding the 13.3p (£126m) dividend payment this September as RM UK are officially skint?
That reminds me, I need to ask the missus for a bullseye so that I can go down to Spoon's tomorrow.....lol
GLA......enjoy the weekend.....cheers

Commonsense, so it doesn't matter which pot the dividend payments came out of but it does matter which pot the pay rise comes out of?
That's on a par with me saying to my wife that I earn the majority of the income in our household so I'm going to book a holiday in the Mediterranean and if she can't afford it then she can stay at home and look after the children.... lol

Maximus, you can send Terry Pullinger a thank you card then.

Commonsense, I hadn't heard a specific figure if 10% but now I'm feeling curious.....in Chertsey.
So, if RM UK made £416m and GLS made £342m in 2021/22, which business was responsible for funding the dividend and/or the share buyback scheme? GLS didn't make enough to pay for both?

Maximus, "if change was accepted quicker by posties and you could see the extra benefits in those changes then you would reap the rewards quicker".
Unfortunately, you have lost me with that comment.
Also, "hope I am wrong, but either way the share holder will benefit".
So you should be very happy as you cannot lose?

Scampthedog, as I have posted previously, I believe that Thompson is deliberately provoking the workforce and wants to test the resolve of the CWU. This type of action will almost certainly achieve his aim?

Commonsense, the second ballot papers have been sent out and the CWU are currently in negotiations with the RM team.
If there is going to be any industrial action, I wouldn't think that it will happen until September due to ongoing negotiations, legal notification of dates etc....