The RMT tube union has rejected London Underground’s latest revised pay offer.
Last week LU put forward a new five-year pay offer of a 4.75% rise this year plus rises of inflation plus 0.25% in each subsequent year.
LU’s Chief Operating Officer Howard Collins had described the offer as “very fair” and “realistic given the current economic situation and the pressure on TfL’s finances.”
Rejecting the offer, RMT General Secretary Bob Crow said: “LU’s offer is for a five-year settlement which is too long duration, especially when the offer for years 2 to 5 is only a small fraction above RPI.
“This would leave London Underground staff vulnerable to real-terms pay cuts in years when RPI under-estimates the real rise in living costs, as it often does and would leave us unable to claim for further increases until 2016.”
Tube unions have already rejected two previous offers.