All branches currently receiving fixed remuneration will continue to do so in June
“No postmaster should feel like they are unable to keep trading or re-open their branch as a result of coronavirus”, said Post Office CEO Nick Read
Postmasters will receive a 15% top-up of their variable remuneration in June, extending pay measures already announced by the Post Office during the coronavirus outbreak.
The new payment includes those operating multiple branches and is generated from May’s trading.
Previously, the Post Office agreed all independent postmasters would receive 100% of their remuneration in April and 90% in May. The guarantee covered both their fixed and variable remuneration.
All branches currently receiving fixed remuneration will continue to do so in June.
Branches operated by independent postmasters that are struggling to remain open or to open at all in May and are not eligible for coronavirus financial support from the UK government may receive additional support from the Post Office in the form of a hardship payment to provide immediate relief.
Post Office CEO Nick Read said: “I am grateful to postmasters for doing all they can to keep their branches open and serve their local community during the Covid-19 pandemic. Being able to guarantee April and May’s remuneration has been vital in providing stability for our postmasters.
“The support on offer for June allows postmasters to plan ahead. No postmaster should feel like they are unable to keep trading or re-open their branch as a result of coronavirus, which is why we will provide targeted support for these branches.”
The Post Office’s 11,500-strong network includes a mixed estate of main, local and outreach formats. Almost 8,000 main and local branches are operated by independent agents that also offer a variety of complementary essential and non-essential retail.
April and May’s remuneration guarantee was irrespective of whether branches were open or not or had reduced their hours. The 15% top-up of variable remuneration for June will be available to all agent branches, including multiples, and will be based on May’s trading for that branch.