Two directors of postal group Consignia have decided not to accept recommended pay rises of 10%.
The increases were proposed for chief executive John Roberts and managing director of mail services Jerry Cope.
The suggestion had been attacked as being insensitive as Consignia is facing a potentially damaging dispute over pay involving over 145,000 postmen and women.
Chief executive Mr Roberts said: "The debate about levels of pay within Consignia is legitimate, but our priority is the pay of postmen and women.
"The business is in a perilous state and the key issue for all of us is affordability.
"We will address all these issues when the company can afford it and not before.
"Jerry Cope and myself have therefore decided not to take pay increases at this time."
The basic pay of Mr Roberts is £205,000 while Mr Cope is on a salary of £140,000.
The 10% pay increases were recommended by Consignia's remuneration committee.
News of the recommendation had been described by some MPs today as insensitive because of the pay dispute with Royal Mail workers.
The Communication Workers Union has threatened a series of strikes unless the dispute is settled.
Talks have been continuing between the two sides for weeks, raising hopes that industrial action can be avoided.
But some union officials were expected to accuse Consignia of double standards if the executives had been given such a big pay increase at such a sensitive time.
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