Jan 25, 2022
Royal Mail to axe 700 jobs in overhaul that will hit profits
Royal Mail announced plans to axe hundreds of jobs on Tuesday in an overhaul that will hit profits as it aims to improve performance and streamline management. Britain's biggest delivery group plans to scrap 700 management jobs at a cost of £70m in reorganisation charges following disruption from Covid-19 that caused thousands of staff to take time off because of illness. The job cuts, which Royal Mail said would reduce costs by £30m in the next financial year, would be made in consultation with unions, in particular Unite that represents managers. Despite improved relations with the Communication Workers Union since a pay deal at the of 2020, Royal Mail has had rocky relations with the unions. In a trading update, Royal Mail Group, including its international division GLS, reported a 2.4 per cent year-on-year fall in revenues in the three months to December to £3.5bn. "We expected some decline in parcel volumes given most retail stores were open during the period, unlike last year," said Keith Williams, chair of Royal Mail.
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