Royal Mail managers are to ballot today over controversial government plans to privatise the service and suck money out of their pensions. Royal Mail wants to chop the amount it pays into the pensions fund by £300 million.
Some s managers face cuts of almost £5,000 a year when they retire under moves to "fatten up" Royal Mail for privatisation. The government has said it will privatise the Royal Mail with an initial public offering (IPO) expected within this financial year.
Delivery office managers stand to lose £97,760 if they retire at 65 and live until they are 85 years old.
The consultative ballot ends on August 16.
Patrick Harrington, General Secretary of Soldarity, commented:
"The government sees Royal Mail's pension obligations as an obstacle for the privateers they want to see plunder the service.The attempt to cut pensions must be resisted."