Royal Mail boss set for £1.5m pay bonanza: Bumper payout if chief meets targets could reignite union fury ahead of £3billion privatization Moya Greene was paid £1.1million last March after joining company in 2010 Prospective payout of almost £1.6million is due to be confirmed this summer First class stamps now cost 60p after a 30 per cent increase in price last year Top earner: Moya Greene joined Royal Mail in 2010 and is set to become the highest-paid public sector boss The chief executive of Royal Mail could receive a pay package worth more than £1.5million if she hits performance targets. The bumper reward for Moya Greene could reignite tensions with unions at a time when the business is about to embark on a £3billion privatisation. Details of Miss Greene's pay will be contained in the firm's annual report, due out this summer, which is set to make her the UK's best-paid public sector boss. She was paid £1.1million in the year to the end of March 2012, including a salary of £498,000, a £371,000 bonus, £200,000 in lieu of pension, and benefits of £38,000. While it is unclear whether she will hit targets to trigger a bonus of a similar scale this year, there is a long-term incentive reward that could add an extra £488,000 to her package. The award, due to be finalised in March 2014, is based on performance targets for the previous three years and could pay out a maximum of 98 per cent of her salary if targets are met. This would take her total pay to almost £1.6million. The payout would still lag behind a £2.4million package earned by her predecessor, Adam Crozier, and comes amid improving performance at the letter and parcel delivery firm. But consumers are still angry that the price of sending a first class letter last year rose from 46p to 60p - an increase of 30 per cent. A Royal Mail spokesman said yesterday: "Executive remuneration will be disclosed in the usual way in our annual report and accounts. Awards are only made following the delivery of stretching and sustainable performance. Miss Greene joined the business in July 2010. Performance has generally improved with underlying UK operating profits up to £331million in the year to the end of March, from annual losses of £120million in 2010. The Government plans to float Royal Mail on the stock market later this year, but workers massively rejected the plan in a recent vote. Overpaid? BT boss Ian Livingstone (left) left the company with shares worth £20million and Marks and Spencer boss Marc Bolland (right) could face a shareholder revolt over pay Improvements: Performance has been on the up since Miss Greene joined the company. UK operating profits are up to £331million in the year to the end of March, from annual losses of £120million in 2010 A ballot of 112,000 delivery, sorting office and other postal staff by the Communication Workers Union showed that 96 per cent opposed the planned sell-off. Other chief executives in the firing line over pay are Phil Clarke of Tesco who could face a shareholder revolt at the company's annual meeting on Friday. Marks & Spencer boss Marc Bolland faces his shareholders the week after and may suffer the same fate. Meanwhile, BT boss Ian Livingston will leave the telecoms giant with shares worth around £20million when he becomes a trade minister.