Royal Mail boss under fire over pay

ROYAL Mail boss Adam Crozier was paid nearly £3m last year, despite a rise in complaints over late, lost and stolen letters.

The Sunday Times reports that the pay package is thought to be the highest paid to a public sector employee in Britain. It puts Crozier on a comparable bonus package to the chief executives of big private-sector companies.

It was also reported today that Royal Mail chairman Allan Leighton wants to purchase 51% of the state-owned business on behalf of staff.

Leighton is proposing to borrow more than £2bn from the City to fund the partial privatisation, whcih would see the shares held for the benefit of Royal Mail's 200,000 employees in an Employee Share Ownership Trust, according to the Sunday Telegraph.

Crozier's controversial pay packet was made up of a £500,000 salary, £300,000 cash bonsus, a share award scheme, pension and a long-term incentive plan. Further details of the package will be announced in the Royal Mail's annual results this week.

It is expected that revelation of the payment will put the chief executive a collision course with union officials.