pay

[duckso]

Does anyone know when the £100 payment that was consolidated into the new pay deal is going to be paid? This is a breakdown of £200 we got before christmas and the other £100 that they union asked to be put into the new pay deal as a £1.90 payment a week backdated to april 2013.

[chrisj]

It has already be consolidated in an improved pay rate for the first year and it will eventually end up being more than £100 by the end of the 3rd year through compounded increased pay rate.

E.g we got 3% pay rise instead of 2.6%; that pay rate (3%) will be further increased by another 3% and so on...

Furthermore, it will definitely be more than £100 for those that do Overtime

[duckso]

We got a 3% pay increase this year 2013, we got 3% for 2014 and 2.8% in 2015, so where is the other 0.6% if we got a 9.4% pay rise?

[chrisj]

The difference between the old pay offer and the one agreed is that £300 lump sum became £200 and the first year (2013/2014 - this year) increased from 2.6% to 3%.

For the average FT postie on about £20000 that is an increase of about £80 (0.4%) and the rest is compounded. So 3% or (3% * £372) is more than 3% of (2.6% * £372) and so on for the 2.8%. I don't want to dig out my pay slip to use proper figures.

I do not understand this 0.6% you wrote. Perhaps you mean the compounded interest rate which probably includes the supplements as well

[Hitcher]

9.06% actually.

100 + 3% = 103
103 + 3% = 106.09
106.09 + 2.8% = 109.06

[chrisj]

9.06% actually.

100 + 3% = 103 (100 + 100*3%)
103 + 3% = 106.09 (103 + 100*3%)
106.09 + 2.8% = 109.06

(106.09*2.8%)

The compounded figures given by both RM and the CWU (different) must include some of the supplements or something else but certainly not just the basic pay... Perhaps they have added the £200 figure in the overall calculation???

[clashcityrocker]

9.06% actually.

100 + 3% = 103 (100 + 100*3%)
103 + 3% = 106.09 (103 + 100*3%)
106.09 + 2.8% = 109.06

(106.09*3%)

The compounded figures given by both RM and the CWU (different) must include some of the supplements or something else but certainly not just the basic pay... Perhaps they have added the £200 figure in the overall calculation???

I don't know what you are on about.
The 3 year pay deal was 9.06% over 3 years as explained in the post by Hitcher above.
It explains how 3% + 3% + 2.8% = 9.06% when compounded over the 3 years.

[chrisj]

Shooting the messenger, are we?

I know what I am on about and it is explained in my post... (Hitcher is right, of course - I am just showing my working out).

Furthermore, that question should have been addressed to the original poster. Read the second post from the original poster. The compounded figures given in some literature is more than the 9.06%.