An Post delivers payroll savings

An Post’s traditional business of delivering letters declined last year as did the company’s profits — tumbling from €5.8m in 2010 to €2.2m last year.

In order to improve the profitability of An Post, the company has embarked on a cost-cutting scheme which saw the company reduce pay costs by €15.4m.

These savings were made through a full-time equivalent staff reduction of 300 by way of a voluntary exit scheme. The next phase involves a further employee full-time equivalent reduction of up to 1,500 by the end of 2016.