The underpin of 2% is hogwash IMHO.
In all previous years of strong economy we have had the first year deal based on the previous Aug RPI (the known RPI) and then the subsequent 1 or 2 years (depending on the length of the agreement) based on a guesstimate of what might happen (often an underpining of RPI+0.5% or something similar).
Now we are getting an underpinned 2% (that's to last us 2 years), based on an AUG RPI of 4.8%.
The extra 1% that we might get is based on the subsequent year.
We have totally reversed the way we negotiate pay with regards to RPI.
Yes, we are in difficult times, but we have just given away a shed load of money in dividends.
Management have stated that NERL needs to make £45M in savings. When challenged about this and the rationale behind giving away our dividend management stated that we needed to make savings of £45M every year, and that the sale of the CTB was a one off so it didn't count.
That's not an answer, the fact is the sale of the CTB covered the savings requirement for the first year, meaning that if we had kept the money, the subsequent years would have been less of a burden as we would have been a year ahead. But no, let them carry on with their poor financial strategy whilst they plead poverty.
I've stated this before during the pension debate, but it I'll say it again. It is my firm belief that management will do everything in their power to cut Ts and Cs and pay and pension, even to th extent of throwing money away in dividends etc if it helps their cause later when they come back, cap in hand and claim 'We can't afford to pay the pension' etc.
Whatever you believe - make sure you vote. As Stupendous man rightly says, not voting only weakens the union, whatever way you want to vote. If management see another 30% 'no show' like they did in the pension vote, they will just assume that union memebrship don't really care.
If you're not going to vote, why even bother paying your union subs? You're just throwing away your money.