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Royal Mail: Companies
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Royal Mail adopted tougher longevity assumptions in 2006, a four-year increase over 2005, including "medium cohort" future improvements, adding £3bn to £4bn to liabilities and deficit. These are at the tougher end of the assumptions used by most private companies, but there may be further improvements with each extra year adding about £1bn to liabilities.
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Royal Mail, the United Kingdom's mail service, one of the most trusted postal services company in the world has found itself in the middle of a junk mail row. Plans are underway to abolish the limit on the amount of junk mail that can be delivered to peoples homes, a move that could cause a deluge of unwanted mail.
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It is this constant threat of losing business to the profit-making private sector that has ratcheted up the pressure for increased workloads, flexible shift patterns and cuts in jobs and hours in Royal Mail. These pressures will intensify in 2007, driving the company down the route of a radical restructuring along the lines of TNT's "Dutch Model". This is based on a two-tier workforce with indoor operatives running machines to sort the mail and a majority part-time workforce to deliver the mail. Royal Mail is already taking steps towards this with a ban on recruitment of full-time workers and new contracts limited to 25 hours!
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Rival companies now handle about 25 pct of bulk mail, Royal Mail said, and overall mail volumes are falling after a quarter century of growth. It is ... losing money on the access price of 13p it receives for delivering mail collected and transported by its rivals.
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On the 26th March 2007 the Secretary Of State confirmed via written statement finalisation of the new financing framework for Royal Mail. The agreed package will allow the company to embark on an investment programme so that it can transform its effectiveness and secure the efficiency improvements required under the latest regulatory settlement.
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