Mirror reckon they know...

[Townfan]

Don't forget you will pay tax on that lump sum payment>

[pilsbury]

I still think it is not much of a pay rise ,it won't change my life.But lets just wait and see what the whole deal has to offer after all the strikes were never about a pay increase.

[Spedley]

I didn't realise it was only for 6 months? that makes it:

new offer from £17,000
£17,453 = 1st year pay basic (17,000*2.6645%)
£17,628 = 1st year+lump sum (17,453*175%)
£17,715 = 2nd year (17,453*1.5%)
£35,343 = total income over 2 years

old offer
£17,425 = 1st year
£17,843 = 2nd year (assuming 2.4%)
£35,268 = total over 2 years

That makes us £75 better off after two years but our salery would be £128 lower with the new deal. And of course there are the strike losses.

In my opinion that is taking the pi$$ !

[catch]

It's occurred to me that this 5 + 1.5 6.9% thing may have been leaked last week so they can put out an official deal that's marginally better (like including back pay or something). Either way this shows that any such announcement needs to be very, very carefully scrutinised.

[Spedley]

It is understood that the deal would give posties a £175 lump sum to cover from April - when the talks should have been concluded - to October and be followed by a 5.4 per cent rise this month and a further 1.5 per cent next April.

I didn't read this, I just read what other people had posted. To me, this means we are given £175 lump sum for the period April-October (6 months) and a 5.4% rise from now. Then, in 6 months (next April) a 1.5% rise.

£17,918 basic pay from begining of October. As a total income this year that will be £8,500+£175+£8,959 =
£17,634 total income this year (1st 6 months + lump sum + 2nd 6 months)
£18,187 basic pay from next year

Total over 2 years £35,821 which is £553 better off and our salery would be £344 more per year.

That isn't a bad deal at 3.43% per year for 2 years (although we do lose £284 this year).

There are just so many different ways of reading the same thing.

[strangler]

It is understood that the deal would give posties a £175 lump sum to cover from April - when the talks should have been concluded - to October and be followed by a 5.4 per cent rise this month and a further 1.5 per cent next April.

I didn't read this, I just read what other people had posted. To me, this means we are given £175 lump sum for the period April-October (6 months) and a 5.4% rise from now. Then, in 6 months (next April) a 1.5% rise.

£17,918 basic pay from begining of October. As a total income this year that will be £8,500+£175+£8,959 =
£17,634 total income this year (1st 6 months + lump sum + 2nd 6 months)
£18,187 basic pay from next year

Total over 2 years £35,821 which is £553 better off and our salery would be £344 more per year.

That isn't a bad deal at 3.43% per year for 2 years (although we do lose £284 this year).

There are just so many different ways of reading the same thing.

I read it same as you.