In response to Royal Mail's full financial results, which show a package of pay, pension and bonuses worth £3million for Chief Executive Adam Crozier, the CWU has reacted with this statement:

Billy Hayes, general secretary, said: “Royal Mail has just claimed that it is in financial crisis, that employees are over paid and is trying to reduce the pension benefits of its staff. At the same time as this, Executive pay is completely out of control. This is an outrageous use of public money at a time when post offices and other Royal Mail offices are closing and postal services are being cut back. Adam Crozier is again being rewarded for managing decline instead of improvement in the company. This is massive insult to Royal Mail employees and the public.”

Dave Ward, deputy general secretary, said: “The actions, wages and misjudgements of Royal Mail management demand closer scrutiny. They’ve got a business plan that’s in crisis, they’re always shifting the blame and yet they reward themselves with obscene amounts of money.

“Crozier should take a leaf out of Willy Walsh’s book and forego his bonus in a year when the company has been in financial and operational difficulties. Rewarding the misjudgements of Executives like this is a public scandal that they should not be allowed to get away with.”