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A stake in the mail
AS ONE of the UK’s largest employers, readers may be interested to understand what the recent announcement by the Government on the Royal Mail free shares for employees means for postmen and women and other Royal Mail staff in Yorkshire.
The Government intends to dispose of a majority of its shares in Royal Mail through a flotation of the company on the London Stock Exchange.
It will automatically give ten per cent of all the shares in the business free to eligible Royal Mail employees in the UK at the time of the flotation.
This is the largest free stake of any major UK privatisation. The overwhelming majority of Royal Mail’s 150,000 employees in the UK, including employees working in Parcelforce Worldwide, will be eligible for free shares if they have worked for the company from July 10, 2013 and continue to do so until flotation.
Eligible employees will automatically receive an equal number of shares, irrespective of their grade. There will be a pro-rata allocation for part-time employees. This will mean that our employees will have a meaningful stake in the company.
I look forward to working towards and sharing in the future success of the company with my colleagues.
Gary Milne, Royal Mail delivery director, Leodis House, Leodis Way, Leeds.
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