Discuss: A 3.44 per cent increase backdated to August 2003 is added to lecturers' pay packets in June 2004. Calculate the actual value of the award in percentage terms to an individual currently at the top of Lecturer B scale (around £34K) taking into account (a) discounting on a monthly basis assuming an available annual interest rate of 4 per cent and (b) the effect of higher-rate taxation on the greater part of the lump sum paid as arrears.
(You may attempt "either" this question "or" Question 1. "Why industrial action?" but not both.)
Ann Edwards
University of Kent