The Post Office has increased total postmaster remuneration by £26m for the 2023-24 financial year.
As part of the package of remuneration improvements, postmasters will benefit from:
- A 20% increase in remuneration for banking deposit transactions, for both the per transaction and the per pound deposited rate, effective April 2023. This builds on the previous doubling of the per transaction rate for banking deposits announced last August.
- Around £11m of Royal Mail tariff and inflation-linked increases for parcels and stamps negotiated under the Mails Distribution Agreement with Royal Mail Group which came into effect in 2022.
- Doubling of Payout transaction remuneration confirmed to stay at increased levels.
- A 12.87% increase in Mailwork payments.
- A 9.5% increase in outreach remuneration.
Martin Roberts, Group Chief Retail Officer, said: “We recognise that postmasters are facing a tough trading environment, with inflation, business rates and energy prices all adding to the economic challenges. We’ve listened to postmasters who tell us that the bank branch closures mean they are the only location where consumers and businesses can do their banking, which is why we’re increasing banking deposit remuneration by 20%. Alongside this, as a result of the deal we agreed with Royal Mail last year, postmasters will also benefit from Royal Mail tariff increases.”
