Extra shares deal for post workers

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Postal workers will be given the chance to apply for priority shares on top of the free shares they will be allocated as part of the privatisation of the Royal Mail, the Government has announced.

Ministers have said that 10 per cent of shares will be given to postal employees free of charge under the sell-off proposals.

The coalition said it wanted Royal Mail workers to have the chance to buy extra shares through an Employee Priority Offer.

Business Minister Michael Fallon said: “Postmen and women are vital to the future success of Royal Mail, which is why 10 per cent of shares will be allocated to eligible employees and we have decided that those shares will be given to them for free.

“If they want, postmen and women can buy extra shares through the Employee Priority Offer. They will rightly get priority over other members of the public because of their importance to Royal Mail now and in the future.

“This will give hard-working employees a meaningful stake in their company when Government disposes of shares in Royal Mail,” he said.

However, the process of moving towards privatisation has met with resistance from within the workforce.

The Communication Workers’ Union is campaigning against the controversial sell-off, warning of a ballot for strikes before the end of September unless a deal can be agreed on pay, pensions and other issues linked to privatisation.