Collective Labour Agreement

RNS Number:5403L
TPG N.V.
27 May 2003


Press Release

Head Office
                                          Date
                                          27 May 2003



TPG AND UNIONS AGREE NEW COLLECTIVE LABOUR AGREEMENT

TPG, the largest private sector employer in the Netherlands, and the negotiators
for the trade unions ABVAKABO FNV, BVPP, CNV Publieke Zaak and vhp KPN & TPG
have reached an agreement on a new collective labour agreement. This collective
labour agreement has a term of one year and covers around 68,000 employees of
TPG in the Netherlands. As a part of the agreement, arrangements regarding the
contributions of both the employer and the employees to the present pension
situation have also been agreed, whereby the pension will remain
non-contributory for the employees. The trade unions will present the agreement
to their members for approval.

Salary increases

The collective labour agreement runs from 1 May 2003 to 1 May 2004. The
employees will receive structural salary increases of 2% with effect from 1 June
2003 and a further 0.5% on 1 February 2004.

In addition, the parties agreed to two non-recurring payments of EUR 64 gross
for each employee, to be paid subject to a decrease in sick leave at TPG. This
first payment, which will be paid in November 2003, is based on a maximum sick
leave level of no higher than 5.1% in September 2003. The second payment will be
made in March 2004 on the condition that the percentage has decreased to a
maximum of 5% by the end of December 2003.

Pensions

Intensive negotiations have been underway between TPG and the unions to restore
the necessary coverage ratio of the TPG pension fund. To do this, TPG will make
additional payments to the pension fund in the coming years. Both parties agree
that both the employer and employees should contribute to this.

The largest share of the required payment will be paid by TPG. On 1 January
2003, the government discontinued the fiscal arrangement of the premium savings
scheme. The contribution that the employer would otherwise have made under the
discontinued premium savings scheme will now be used for the employees'
contribution to the pension scheme. The pension will remain non-contributory for
the employees.

TPG and the unions also agreed that current TPG employees, for the sake of
solidarity, will make a significant contribution to the increase of around 1.5%
for their ex-colleagues' existing pensions. This money will be contributed by
the employees by having their structural salary increase start at a later date
(2% in June 2003 and 0.5% in February 2004).



Work and Health

TPG and the unions agreed that all developments and measures taken to reduce
sick leave and the amount of employees being declared unfit for work will be
evaluated. Follow-up measures will be taken upon joint consultation.

Additional agreements reached include an age-friendly personnel policy,
reintegration after a period of illness and an increase in the childcare budget.

The agreed improvement to the conditions of employment, including the salary
increase and non-recurring payments, applies to around 68,000 employees of TPG
Post (including Saturday delivery personnel) and TNT in the Netherlands, and for
the employees of TPG Head Office.





With its two brands TNT and Royal TPG Post, TPG N.V. is a global provider of
mail, express and logistics services. The group employs over 150,000 people in
62 countries and serves over 200 countries. For 2002 the company reported sales
of Euro 11.7 billion, an increase of 5% over the previous year. TPG N.V. is
publicly listed on the stock exchanges of Amsterdam, New York, London and
Frankfurt.





Note to the editor (not for publication):

For further information, please contact:

TPG Media Relations

Hanne Kluck, Press Officer

Telephone: [phone], mobile: 06 - 53 238 291

E-mail: [e-mail]

Tanno Massar, Director TPG Media Relations

Telephone: [phone], mobile: 06 - 20 5432 41

E-mail: [e-mail]

ABVAKABO FNV

Sandy Bosman, Press Officer


        Telephone: +31 79 - 353 6380, mobile: [phone], e-mail:
        [e-mail]

        Charley Ramdas, Director

        Telephone: [phone], mobile: [phone], e-mail:
        [e-mail]

        BVPP

        T. van Dun, Press Officer

        Telephone: +31 40 - 232 1200, e-mail: [e-mail]

        CNV Publieke Zaak

        Dammis de Geus, Press Officer

        Telephone: +31 70 - 416 0616, mobile: [phone] or telephone: 079 -
        3 61 00 33.

        Alfred Lohman, Director

        Telephone +3170 - 416 0661 or mobile: [phone], email:
        [e-mail]



        CMHF / Vhp KPN & TPG

        Remko Koopman, Director

        Telephone: +31 70 - 419 1928, e-mail: [e-mail]



                      This information is provided by RNS
            The company news service from the London Stock Exchange

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