What has the RPI pay increase been over the past 15 years?
Pay has not always been RPI related – it is only in the last few years when we have agreed multi-year pay deals that RPI has been referred to regularly. In addition, the level of rise has been different for different groups with some getting rises in excess of RPI+0.5% in some years and others not. Therefore there is no one figure that provides a useful guide. Also, past increases are not a guide to future rises – clearly overall deals are related to the health of the company and to productivity improvements.
If anything summarises the tactics of those trying to secure a 'yes' vote then this does.
Why not produce all the pay settlement figures and the attendant RPI numbers so we can assess the historical impact of the cap for ourselves?
We know the reason and that's the fear of the 'yes' side that staff will realise their pensions are going to be crippled by this cap and in many cases will reduce the final benefits to 1/2 salary or worse.
Even the modeller itself doesn't show the continuing huge impact of the cap after the 15 year period assuming it is scrapped at that point.
Staff are looking at losing tens of thousands and in some cases hundreds of thousands of pounds but aren't being told this.