Good grief, the same old doom mongers. “Knock it off with them negative waves”. It is not just 5% and a £1k bonus. This is what it actually is:
5% rise on Main Pay. Then £1k added. Then RRP(F) (flying pay for the old b^ggers) goes up 5.8%. All back dated from 1 Apr 23.
So as others have said, if you earn £50k Main Pay, then the new Main Pay is £52.5k. Then you add £1k to that salary, that is consolidated (ie. Pensionable) and baked in from now on. That makes £53.5k. So £50k to £53.5k is a 7% rise. Now, look at RRP(F), let’s say you get £15k, so with 5.8% uplift that is £15,870. So now for a flyer, that is £65k total rising to £69,370 - an increase of just over 6.7%.
Now, I know that isn’t quite the 8-9% CPI overall from Apr 22 to Apr 23, which the above 6.7% is trying to balance. But if we see inflation drop below 7% next month, as some predict, then we aren’t too far adrift. By Christmas predictions put inflation below 5%. If next year there is say a 1.5% over inflation pay rise - say a similar 6% again - then we will be no worse off.
Therefore, this is a fairly good result, with Government in a sticky situation. What happens next year will be the real crunch factor and don’t forget we are also due a General Election and yet another Integrated Review in 2025. So lots of variables on how this may play out.