August RPI was what... ~ 5%. It's now 0.1%
While the agreement beforehand would theoretically entitle us to expect at least the ~5% from August, I think management would have a decent argument to say it's reasonable in these extreme times of financial instability to accept something based on an averaged out RPI over the span of those months.
Yes, if RPI had stayed at 5% till now and you were offered 2% then that is indeed a pay cut in real terms... but that's not the case. Our cost of living hasn't increased consistently at 5% since last pay increase. We can't stamp our feet at management cherry-picking figures and dates that suit them, and then do the exact same ourselves.
Personally, my first priority is to still have a job... I like eating and wish to continue doing so with regularity. However, I wont be scared into submission by that...
If they offered me 2%, backdated to January, I'd take that. It'll be a while before RPI gets back up to that level.
I would accept a pay freeze... provided a couple of things were done first:
1. No dividends
2. PCG group waive, or at least defer all contractual bonuses. That includes Barron.
Not going to happen!