TNT reaches labour agreement with Dutch unions
TNT said it had secured new collective labour agreements with several unions representing its domestic postal services staff, which it said will save €125m ($158m) per year.
TNT said it had secured new collective labour agreements with several unions representing its domestic postal services staff, which it said will save €125m ($158m) per year.
TNT will book a one-time charge of €275m ($347.5m) to adopt the agreement with Dutch labour unions FNV, BVPP, CNV Publieke Zaak and VPP, it said in a statement on 9 March.
For the first three years of the new agreement, which goes into effect from 1 April, there will be no compulsory redundancies due to reorganisations, TNT said.
The Dutch government decided in February to open up its mail market on 1 April, ending TNT’s partial monopoly on mail handling of letters up to 50 grams in the Netherlands, a market estimated to be worth about €1bn ($1.26bn).
Shares in TNT were down slightly, by 0.3% at €10.8 ($13.64) on 9 March, while the DJ Stoxx industrial goods and services index SXNP was down 1.9%.
