ROYAL MAIL: FINANCE & HR (INCLUDING LEGAL) – ANNUAL BONUS PAYMENTS 2021/22 AND FUTURE ARRANGEMENTS
Branches are advised that we have reached an agreement with Adrian Porter, Director of Reward and Performance, to pay the following bonuses to CWU members in both Finance & HR (including Legal):
- Finance £400
- HR & Legal £331.55
These payments, which are pro-rata for part-timers, will be made with July salaries. Joint Statements to this effect are attached to this LTB and are being published today.
The bonus payments above are less than we would have hoped for. This is due to a number of measures associated with the Balanced Scorecard not being met. As a consequence, we have been able to negotiate revised arrangements for the current financial year and beyond. In essence the maximum bonus that could be paid to our Finance/HR members has been fixed for a number of years since the inception of the schemes and as such the value has effectively reduced.
Against this backdrop we have agreed with Royal Mail to double the value of the scheme from the start of this financial year as follows:
- Finance – New potential maximum bonus £2000 (up from £1000)
- HR (including Legal) – New potential maximum bonus £1500 (up from £750)
It should be noted that the enhanced bonus monies available are linked to the achievement of various measures associated to the Balanced Scorecard.
Naturally our members will be pleased with the doubling of the potential monies available, especially as it is normal to receive better payments than this year. Whilst we are aware the members will be disappointed with the outturn for the last year, hopefully the prospect of earning a significantly better bonus in the future will ameliorate the situation overall.
Against the prevailing environment across Royal Mail, the Postal Executive is supportive of these enhanced arrangements and has endorsed the package including the bonus payments for the last year.
Finally, I am pleased that Royal Mail has recognised the need to improve the value of the bonus payments going forward and I look forward to reporting on more favourable figures for our members in the future.