UK Post Office Plans Major Restructuring
UK Post Office Plans Major Restructuring
UK Post Office Plans Major Restructuring
News summary

The UK Post Office is facing a major overhaul that could result in the closure of over 100 branches and the loss of approximately 1,000 jobs as it seeks to boost postmaster pay by £250 million over the next five years. The plans involve potentially offloading 115 directly-owned branches to retail partners or franchise operators, while also streamlining operations at its headquarters. Chairman Nigel Railton emphasized that the changes aim to restore pride in the organization following the Horizon IT scandal, which wrongfully implicated many subpostmasters. The proposed adjustments could double average branch pay by 2030, with an initial £120 million in raises expected within the first year, contingent on government funding. Despite the challenges, the Post Office has recently reported record cash handling as it fills the gap left by thousands of bank closures. The plans are part of a strategic review launched to secure the future of the Post Office amid ongoing financial struggles and a shift towards franchise models.

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