Tuesday, 15 October 2013

CWU says 'Jobs before Shares!'

THE Communication Workers Union [CWU] says it is confident that postal workers will vote for strike action in tomorrow’s Royal Mail ballot result as the company’s share price soars further on the full day of trading. 
Dave Ward, CWU deputy general secretary, said:
'The Royal Mail share price has soared further today, bringing more proof that the company was undervalued by the government’s city mates. The taxpayer has lost over £1 billion already in this bungled fire sale of a cherished national institution. Postal workers cannot trade their shares for three years and they are far more concerned about their jobs than the share price. We’re confident our members will return a yes vote in tomorrow’s ballot result for strike action, strengthening our position to secure a deal on protecting jobs, services and terms and conditions in the company.
'The share price increase is making profits for wealthy private investors and faceless institutions – it’s not bringing any money into Royal Mail. The investment argument is a clear myth.  We will not accept people maximising individual profit on the back of minimising the value, terms and conditions of postal workers. We’re determined this privatisation will not lead to the kind of job losses and downward pressure on pay and conditions we’ve seen in other industries and we’re seeking a legally-binding agreement to protect jobs.' 
Shares have peaked at 490p during trading this morning (Tuesday), up from their original price of 330p when the company was floated last Friday – an increase of almost 50%.
The ballot result will be announced around 3pm tomorrow afternoon. The result will be press-released and uploaded to the union’s website www.cwu.org and communicated via the union’s Twitter account @CWUnews: https://twitter.com/CWUnews

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