Royal Mail Group PLC (LON:RMG) and the Communications Workers Union (CWU) said on Friday that negotiators had finalised the details of a proposed agreement to end a row over plans to replace the mail delivery firm's defined benefit pension scheme.
In a tweet this morning, the CWU said: “We have reached a negotiators agreement with Royal Mail Group.”
???? Friends and supporters, please take your seats. Introducing #PowerOfTheUnion ????
We have reached a negotiators agreement with Royal Mail Group. Our executive will meet on 30/31 Jan #TheCWU
How did we do @ManUtd? #MUFC ???? pic.twitter.com/kr1g8NcJpk
— The CWU (@CWUnews) 26 January 2018
The union added that the proposed agreement will be considered by the CWU's postal executive committee next week and then will be put to a vote for CWU members and approval by the Royal Mail board.
The CWU has been at odds with Royal Mail since April over its plans to save billions of pounds on its pension contributions and has attempted to call a strike.
Royal Mail and CWU have been at loggerheads for a number of months after workers voted overwhelmingly in favour of industrial action back in October 2017 amid a dispute over pensions, pay and jobs.
READ: Royal Mail heads higher as threat of Christmas strike action fades
A strike was due to be held but the postal group was granted an injunction after it took the case to the High Court and argued that the 48-hour walkout would be “unlawful”.
Both sides subsequently moved into dispute resolution talks, which mediators were called in to facilitate.
Royal Mail shares edged 0.3% higher to 470.2p in late morning trading.