Calculating our base salary increase New Caucus leaders negotiated three contract agreements (collectively covering the years 2000-2010) that provide for the following salary increases:
Contract #1: August 1, 2000 through October 31, 2002 Effective August 1, 2000: 4% Effective August 1, 2001: 4%
Contract #2: November 1, 2002 through September 19, 2007 (See 2002/07 Contract Terms)
For 2002: no raise For 2003: no raise Effective May 1, 2004: 2.5% Effective May 1, 2005: 2.75%
Contract #3: September 20, 2007 through October 19, 2010 (See 2007/10 Contract Terms)
Effective May 1, 2006: 3% Effective September 20, 2007: 3.15% Effective October 6, 2008: 3% Effective October 20, 2009: 4%
Our compounded salary increase can be calculated by multiplying all of the salary figures. Thus, the compounded increase in our base salary for August 2000 through October 2008 (i.e., covering the first two New Caucus contracts and the only complete contract year for the last contract) is 21.0% (i.e., 1.04 x 1.04 x 1.025 x 1.0275 x 1.03 x 1.0315 = 1.21). Our calculation includes August 2000 through October 2008 because that period covers the first two New Caucus contracts and the only complete contract year for the last contract. The base pay increase for the remaining two years would likely exceed the cost of living, albeit because the economy is in a severe recession. |