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Royal Mail

Business, Innovation and Skills written question – answered on 12th May 2011.

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Photo of Alun Cairns Alun Cairns Conservative, Vale of Glamorgan

To ask the Secretary of State for Business, Innovation and Skills what plans he has for the future of the phantom share element of Royal Mail's Colleague Shares scheme; and if he will make a statement.

Photo of Edward Davey Edward Davey The Parliamentary Under-Secretary of State for Business, Innovation and Skills

Colleague Share is an incentive scheme set up in 2007 by Royal Mail and as such is an operational matter for the company.

The scheme, which is expected to have paid out £2,200 to most members by the time various operational targets are met, will close in March 2012. After this date, it is for Royal Mail to decide whether to introduce further employee incentive schemes and the form of those schemes.

Separately, as part of the provisions in the Postal Services Bill, the Government will make available shares to employees upon the first sale of Royal Mail shares.

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