It’s true that inflation has come down, but this means that average prices are rising more slowly, not that they are falling. The most recent Retail Price Index (RPI) inflation figure shows prices rising by an average of 4.3% in the year to March.
This graph, from the Labour Research Department, shows that workers are finally beginning to claw back some of what they lost to inflation, with median pay rising by 5.3% in the three months to March. Regular earnings rose by an average of 6% over the previous year.
Some workers are doing much better than the average of course – for example West Midlands Metro workers won 13.5% recently. Pay at TfGM has fallen way behind inflation in recent years and the increase of £3000 or 10% that we are asking for would only begin to restore that.
Transport workers with other employers in Greater Manchester won some really big pay rises last year, including:
- First Manchester (Oldham) 18%
- Manchester Airport 17%
- Stagecoach Manchester 16%
- Greater Manchester Accessible Transport 10%
Most of these increases were a result of workers voting to take strike action or actually doing so. If we want our pay to catch up, we have to get organised and campaign. If you aren’t yet a union member, please join.