The 2014 Pay Offer

The 2014 Pay Offer can be summarised as follows:

  • Base pay will be increased by 2.70% from July 2014
  • All job related allowance (excluding car allowance) will also increase by 2.70% from July 2014
  • Reward for Performance will be continued in the 2013/2014 performance year, although it will be re-launched as the Performance Incentive Plan during March 2014 and paid in August alongside the Share Incentive Pan (SIP) award
  • SIP will also be continued in the 2013/2014 performance year
  • If the offer is accepted, from the acceptance date, new starters will not be eligible for a pay award until 1 July 2015.  Thereafter, new starters on or after 1 January each year will not be eligible for a pay award increase during that year

In addition the Company and Trade Unions have agreed to extend pay progression for 2014/15 increasing the target salary from 85% to 90% of the market salary median for those employees achieving an overall performance rating of 3+. It is estimated that 315 employees will potentially be eligible for pay progression. 

Pay Component   Value   Delivered
         
Increase to base pay and allowances

 

2.70%

  Paid July 2014 
 

 

+

   
Reward for Performance to continue (to be re-launched as the Performance Incentive Plan* )

 

 2.00%

(average based on payments in 2012 and 2013)

  Paid August 2014  
 

 

+

   
Share Incentive Plan to continue

 

1.50%
(target)

  Awarded August 2014Released August 2017

* Full details of the re-launched Performance Incentive Plan will be issued to eligible employees during March 2014.

Next Steps

By the end of January 2014 Line managers will be briefing our teams on the content and background to the offer and the Trade Unions will be consulting with their members with a recommendation for acceptance. This should be concluded during February.
In summary the key messages are:

  • A competitive offer of 2.70% increase in base pay and allowances – payable in July 2014.
  • Continuation of a re-launched Reward for Performance and SIP for 2014.
  • Continuation of Pay Progression with an improved salary target of 90% of the market median.

Click JOINT_STATEMENT_2014 to download the Joint Statement 2014

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