{"id":15252,"date":"2018-05-17T16:50:32","date_gmt":"2018-05-17T15:50:32","guid":{"rendered":"http:\/\/unitelive.org\/?p=15252"},"modified":"2020-11-12T12:58:44","modified_gmt":"2020-11-12T12:58:44","slug":"back-pay-slammed","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=15252","title":{"rendered":"‘Back’ pay slammed"},"content":{"rendered":"
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New Royal Mail boss Rico Back has joined a litany of fat cat chief executives raking in huge pay packets as their workers struggle to gain modest wage rises.<\/p>\n

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Reports emerged yesterday (May 16) that Back was handed nearly \u00c2\u01416m by the Royal Mail<\/a> in July last year when the company ended his contract with a Royal Mail subsidiary and replaced it with a new contract as chief executive in what was essentially a contract buy-out.<\/p>\n

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The \u00e2\u20ac\u0098secret\u00e2\u20ac\u2122 \u00c2\u01416m handout came nine months before it was officially announced Back would start as Royal Mail boss in April and is only the beginning of eye-watering sums he will earn leading the company, which was privatised in 2013.<\/p>\n

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Back\u00e2\u20ac\u2122s base salary is \u00c2\u0141640,000 a year, and he\u00e2\u20ac\u2122ll also receive a cash pension allowance of 17.5 per cent of his base salary. This doesn\u00e2\u20ac\u2122t include yearly bonuses which can be up to 200 per cent of his annual salary.<\/p>\n

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Unite national officer Brian Scott slammed the amount Back was paid before even starting his job at the helm of the Royal Mail.<\/p>\n

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\u00e2\u20ac\u015bAt a time when the company argues that money is tight and Unite members have to wait an extended period for a pay settlement, it is disappointing that the company can easily find an obscene amount of money to pay an incoming CEO,\u00e2\u20ac\u0165 he said.<\/p>\n

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\u00e2\u20ac\u015bThis smacks of double standards and will only serve to emphasise the gulf between those that actually deliver the results, the workers, and the others that benefit from it outrageously.\u00e2\u20ac\u0165<\/p>\n

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News of Back\u00e2\u20ac\u2122s pay \u00e2\u20ac\u201c including the \u00c2\u01416m for ending his previous contract \u00e2\u20ac\u201c comes after CWU and Unite members working for Royal Mail were embroiled in tense talks over pay and pensions this year and last.<\/p>\n

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Shareholder revolt<\/strong><\/em><\/p>\n

Rico Back isn\u00e2\u20ac\u2122t the only chief executive who\u00e2\u20ac\u2122s come under fire over pay. Last week, Melrose \u00e2\u20ac\u201c which successfully took over engineering firm GKN in March after a hostile bid — faced a shareholder revolt over bosses\u00e2\u20ac\u2122 bonus schemes<\/a>, with almost a quarter of shareholders rejecting\u00c2\u00a0 pay policies that saw four executives share \u00c2\u0141160m last year.<\/p>\n

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Other major companies \u00e2\u20ac\u201c including outsourcing firm Serco, insurance company Direct Lane, and wealth manager Rathbones, among others\u00c2\u00a0 \u00e2\u20ac\u201c faced shareholder rebellions<\/a> over executive pay last week, with a significant percentage of investors voting down pay reports.<\/p>\n

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In their final report of the now defunct outsourcing firm Carillion<\/a>, MPs this week slammed company bosses, who precipitated the collapse of the firm even as they lavished themselves in bonuses.<\/p>\n

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\u00e2\u20ac\u015bSame old story. Same old greed,\u00e2\u20ac\u0165 said Work and Pensions Committee chair and Labour MP Frank Field. \u00e2\u20ac\u015bA board of directors too busy stuffing their mouths with gold to show any concern for the welfare of their workforce or their pensioners.\u00e2\u20ac\u0165<\/p>\n","protected":false},"excerpt":{"rendered":"

New Royal Mail boss Rico Back has joined a litany of fat cat chief executives raking in huge pay packets as their workers struggle to gain modest wage rises.   Reports emerged yesterday (May 16) that Back was handed nearly \u00c2\u01416m by the Royal Mail in July last year when the company ended his contract […]<\/p>\n","protected":false},"author":2,"featured_media":4396,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[643,102,314],"wps_subtitle":"New Royal Mail boss handed \u00c2\u01416m months before starting","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/15252"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15252"}],"version-history":[{"count":2,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/15252\/revisions"}],"predecessor-version":[{"id":26181,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/15252\/revisions\/26181"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/4396"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}