A “landmark” deal has been agreed to end a long-running dispute on job security, pay and hours for Royal Mail workers.
The Communication Workers Union (CWU) said it was an “excellent agreement” for postal workers, customers and the company.
The settlement includes a two-year pay deal backdated to April, worth 3.7%, plus a one-hour reduction in the working week, said the union.
As the business introduces change, there will be no compulsory redundancies and the stated objective of Royal Mail is now one of job creation, said the CWU.
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StockMarketWire.com - Royal Mail said it had reached an agreement with the Communication Workers Union over pay, hours and operational change, ending two years of dispute.
The deal includes a 3.7% pay increase backdated to April 2020 and a one-hour reduction in the working week.
Royal Mail said revenue in the eight months to November was £380 million higher compared to the same period last year.
Keith Williams, interim executive chairman, said: ‘We have a window of opportunity to focus Royal Mail on what our customers want today - an ever growing need for more parcels, whilst providing a sustainable letters service.