My cost of living increase will be based on September 2008 RPI - what does this mean?

Question

But what is the rate at the moment?

Answer 1

RPI is the Retail Prices Index. There are a group of, what are considered, essential products and the prices are monitored to see if they rise or fall. This is what is commonly referred to as the inflation indicator. Companies, mostly, like to make sure that their employees salaries don't fall below the level of inflation and therefore the money you have to spend keeps up with prices. It sounds like your company will take the RPI figure when it's published in September. In theory, if your company only gives you a rise equivellent to RPI your salary will still only buy you what you could buy before. If you get more than RPI (in the current climate you'll be lucky) then you should, in theory, be able to buy more / save etc.

Answer 2

Retail Price Index.  If retail prices go up, so does your salary.

Answer 3

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