The offer, announced by LU earlier this month, would give staff a 4.5% pay increase this year and a rise of inflation (RPI) plus 0.25 per cent in each of the next four years.
In April the the RMT and other tube unions rejected an earlier offer.
In a statement RMT General Secretary Bob Crow said:
“Whilst it shows a slight improvement, the offer is still below inflation, does not adequately address our claims for improved conditions, and remains a five-year package.
“It therefore falls well short of settlements we have achieved elsewhere in the industry and fails to address our claim for a one-year deal with a substantial increase in pay and improved conditions. We also note that London Underground has confirmed that this is not its final offer.
“We have therefore rejected this offer and, working with our sister unions, will continue to press the company for significant improvements.”
