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Royal Mail workers vote to strike on November 4

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Workers at newly privatized Royal Mail postal service voted on Wednesday to strike on November 4 if they have not reached agreement with the firm over pay and working conditions.

The Communication Workers Union (CWU), which represents postal workers, sent ballot papers to over 115,000 Royal Mail staff in September and said on a 63 percent turnout, 78 percent had voted to strike for 24 hours.

The union said it would also carry out a second ballot asking workers to support non-strike action to boycott the handling of competitors' mail, which Royal Mail delivers on their behalf.

(Read more: Landsdowne grabs huge stake in Royal Mail sell-off)

Royal Mail shares soar after IPO

The CWU, which fiercely opposed the privatization of Royal Mail over fears it will lead to poorer job conditions and services, rejected Royal Mail's offer of a 8.6 percent pay increase over three years in July, criticizing proposed changes to pensions.

The action comes at the same time as many Royal Mail workers have seen the value of their free shares in the firm rocket.

(Read More: British public flock to Royal Mail share offer)

As part of Royal Mail's stock market listing, 10 percent of its shares were handed to staff, with almost all of its 150,000 eligible UK-based workers each receiving 725 shares, with an initial market value of 3,545 pounds.

That figure was much higher than the 2,200 pounds per person that was expected, after shares in the firm peaked almost 50 percent above the privatisation price on Tuesday.

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