Considering the offer is effectivley 3% p/a (last pay increase was 1/1/05 - next after this agreement would be 1/1/09), on gross salary, which will equate to about 1.9% on average after tax.
CPI is minimum 3% (if you beleive the way they calculate it).
So let us warmly embrace this reduction in pay as reward for our productivity that the CEO and Executive base their own pornographic pay rises on?
I think not.