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.