News / Free shares for local posties
AROUND 80 Royal Mail employees in Shetland have received a total of £273,000 in free shares as part of the company’s stock market flotation.
The controversial privatisation gives each eligible full-time employee 725 shares, currently worth more than £3,500.
A company spokesman said staff were guaranteed 10 per cent of shares in Royal Mail, the largest free allocation of shares of any major UK privatisation.
“Each of the full-time eligible employees has been given the same number of shares, regardless of their grade, with part-time employees given shares on a pro-rata basis.”
Meanwhile, union members have voted to go on a national 24-hour strike on 4 November over terms and conditions at the privatised company.
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