NACO has been involved in negotiations with the Co-operative Pharmacy in relation to the 2012 Pharmacist Annual Salary Review.
NACO recognises that the prevailing economic climate has contributed to difficult and challenging times for NACO members and their families. After negotiation, a final position was reached and a formal offer was agreed for a flat-rate increase of 2.5%.
A 2.5% settlement is likely to be at the higher end of retail pay deals for 2012 and echoes settlements reached in other co-operative societies including the wider Co-operative Group, Co-operative Bank and the independent societies.
NACO believes we have secured the best offer available to pharmacists at this time, and that the offer compares favourably with other settlements reached for management-equivalent personnel in the private sector in the first six months of 2012.
Inflation is now around 2% lower than 2011 and continues to fall (RPI - 2.8%, June 2012, Source:ONS). Many members will be thankful that the largest downward pressures are coming from petrol, oil and food. Independent RPI forecasts published by HM Treasury suggest the rate will continue to fall to an average of 2.6% by 2013.
Regarding GDP growth, figures released by the Office for National Statistics show shrinking output for the second quarter to May 2012, officially putting the UK economy in a double-dip recession. ONS Figures released last week for Q2 2012 show a further GDP contraction of 0.7%.
In light of the above figures, NACO believes the pay settlement of 2.5% should secure family budgets throughout 2012 and is very close to achieving an index-linked increase - in our view, a good result in turbulent economic times.
The 2.5% Settlement
Details of the final position are as follows:
- A flat-rate increase of 2.5%.
- Increases will be received by colleagues in August's pay (Aug 9th), backdated to 3rd June 2012.