Royal Mail workers vote to strike over pay offer

Royal Mail workers have voted overwhelmingly in favour of strikes in protest against a 2 per cent pay offer.

A total of 97.6 per cent of members of the Communication Workers Union who voted back the strike action, which the union said it was an unprecedented result.

General secretary Dave Ward said there would now be a “small window” of opportunity for talks to avoid walkouts before strike dates are set.

Mr Ward said postal workers received major support from the public for their efforts during the pandemic and would continue to receive backing for their pay campaign.

“This stunning result is a testament to the phenomenal efforts made by CWU members across the country," he said.

“It is also a vote of no confidence in Royal Mail’s chief executive and board, who should seriously consider their futures in our industry.

“Crucially, the vote can leave no doubt that postal workers are united and that they are demanding the proper pay rise they deserve.

“While bosses rake in £758 million ($910m) in profit and shareholders take £400m, workers are expected to take a serious real-terms pay cut.

“Postal workers won’t accept their living standards being hammered by bosses who are typical of business leaders today – overpaid, underqualified, out of their depth.

“In our country right now, corporate failure gets rewarded over and over again.

“It’s pathetic that CEOs take home lottery win salaries then offer real-terms pay cuts to people who made them their profit.

“The CWU’s message to Royal Mail’s leadership is loud and clear – not a single postal worker in this country will budge until you get serious and give them a dignified, proper pay rise.”

CWU deputy general secretary Terry Pullinger said the vote "shows that our members know full well what they are worth, and that they are willing to fight for the no-strings, real-terms pay rise they’re entitled to".

“This union never wanted to be in this position," Mr Pullinger said. "Since the beginning of this dispute, we wanted discussions and negotiations with management.

“But this was rejected by management, who have left us with no choice but to fight their disgraceful imposition.

“This was a miscalculation on their part and there was never going to be any question of our members accepting this assault on them.

“Our members deserve a pay rise that rewards their fantastic achievements in keeping the country connected during the pandemic, but also helps them keep up during this current economic crisis.

“We won’t be backing down until we get just that.”

A representative of the Royal Mail said: “We are disappointed that CWU members have voted in favour of industrial action.

“We offered a deal worth up to 5.5 per cent for CWU grade colleagues, the biggest increase we have offered for many years, which the CWU rejected.

“We can only fund this offer by making the changes that will pay for it and ensure Royal Mail can grow and remain competitive in a fast-moving industry.

“Despite nearly three months of talks, the CWU have not engaged in any meaningful discussion on the changes we need to make to adapt.

"Ensuring we can change, at pace, is the route to protecting well-paid, permanent, jobs long term and retain our place as the industry leader on pay and terms and conditions.

"That is in the interest of Royal Mail and all its employees.

“In the event of industrial action, we have contingency plans to minimise customer disruption and will work to keep people, businesses and the country connected.”

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.

- Abdullah Ishnaneh, Partner, BSA Law

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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The biog

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France is her favourite country to visit

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