The mayor of London, Sadiq Khan, said the strikes would have cost the hospitality industry £50m alone, and the suspension “shows what can be achieved by engaging and working with trade unions and transport staff, rather than working against them”.
I always hate seeing things like “the strikes would have cost the hospitality industry £50m alone” like that’s a reason the strikes shouldn’t happen. Instead, in my mind, that’s showing the worker’s labor is worth £50m (it doesn’t say over what time period) more. The same thing with the US rail workers. If they are that critical to the economy, they should benefit from the value they create. If capitalism works properly, the value a worker creates should go to them.
I don’t see the £50m in quite same way as you do; I see it as the “opportunity cost” of the strikes - and it often seems to be the case that the opportunity cost is much higher than what it would cost to negotiate and settle (by extension, it also seems that employers / governments playing hardball with workers is probably based more on ideology than on financial sense).
I believe we share the same sentiment though; these RMT folks are critical to the economy and they should be treated (and compensated) as such.
This is the best summary I could come up with:
The RMT general secretary, Mick Lynch, said: “Following further positive discussions today, the negotiations on a pay deal for our London Underground members can now take place on an improved basis and mandate with significant further funding for a settlement being made available.
“This significantly improved funding position means the scheduled strike action will be suspended with immediate effect and we look forward to getting in to urgent negotiations with TfL in order to develop a suitable agreement and resolution to the dispute.”
The union argued that TfL could afford more, pointing to a £40,000 salary rise to £395,000 for the transport commissioner, Andy Lord, when his role was confirmed as permanent in June.
Tube workers received an 8.4% pay rise in 2022 as part of a four-year index-linked deal struck before inflation soared.
TfL’s finances were ravaged by the pandemic lockdowns and changing work patterns, with more than 70% of its budget normally coming through fares, mainly from tube passengers.
Last month, ministers granted a further £250m to TfL for investment, including buying new Yorkshire-made Piccadilly line trains, but the capital is no longer getting any central funding for day-to-day transport.
The original article contains 445 words, the summary contains 192 words. Saved 57%. I’m a bot and I’m open source!