The RMT is taking a new pay deal for the next four years back to their members, which has the potential to see a tube driver's salary breach £50,000.
Although 75% of us haven't had a pay rise this year, according to the CIPD, despite inflation pushing up the cost of living, the new pay deal means tube workers will get a 5% rise in the first year then RPI + 0.5% for the next three. For anyone not on top of exciting economic news, RPI (Retail Prices Index) currently stands at 5.2%.
Bob Crow says the deal shows that "trade unionism is the best defence from attacks on jobs and living standards", and on this evidence we're inclined to agree. Though we'll wait to see whether the other public sector unions get their way over pensions before calling it entirely a victory for the principle of trade unions, or 'having your employers over a barrel when it comes to the Olympics'. (This settlement doesn't include payments for during the Games.)
One blessing, as we dig deeper into our strapped pockets for next year's fare rises, is that at least there won't be any strikes over pay for the next four years. Strikes over safety or supporting colleagues are not included.