Poor Moya! Royal Mail boss’s pay was cut by $1 million- to a mere $2.3 million!

According to the Guardian, Royal Mail boss Moya Greene took a whopping £610,000 pay cut last year. That works out to a cut of just over a million US dollars. It’s doubtful Moya will be looking for a second job to help make ends meet though: despite the million dollar pay cut, she was still paid £1.35 million ($2.3 million).

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The boss of Royal Mail saw her pay drop by £610,000 last year, partly because she handed back a £250,000 housing allowance following the intervention of business secretary Vince Cable.

Moya Greene, who has been chief executive of the recently privatisated postal operator since 2010, collected total pay, bonuses and pension contributions of £1.35m in the last financial year compared to £1.96m a year earlier. Her basic pay remained flat at £498,000.

Despite the reduction, her total pay was still 50 times the average £27,036 collected by her 150,000 workers. The average bonus handed to postmen and women was £514 – compared with Greene’s long- and short-term bonuses of £873,000.

She was also handed 65,880 bonus shares in the company worth an additional £328,000 at Friday’s share price. However, the share award is subject to conditions and will not pay out for three years.

via Royal Mail boss's pay dropped by £610,000 in 2013 | UK news | theguardian.com.