London Underground has revised its five-year pay offer for staff following last month’s rejection of an earlier offer by the RMT union.
Tube unions have also rejected two earlier offers, claiming a five-year agreement would leave members “vulnerable to real-terms pay cuts in years when RPI under-estimates the real rise in living costs”.
The latest offer includes a 5% pay increase this year followed by an inflation plus 0.25% rise in the following three years and RPI + 0.5% in the final year.
Howard Collins, Chief Operating Officer, LU said: “We met again with the unions today and have made a very fair and affordable multi-year pay offer to the trade unions that, over the life of the deal, will enable our employees’ salaries to keep pace with the cost of living and guarantees an increase in real terms. At the same time it is realistic given the current economic situation and the pressure on TfL’s finances.”
“We have urged the trade unions to recommend our revised offer to our staff as soon as possible”