News subs rates from January 2014

New subscriptions rates from January 2014

Subscriptions for members covered by Prospect’s banded structure and retired members will increase by 2.5 per cent on 1 January 2014.

If the NEC had followed the established formula for setting subscription rates, based on the July RPI figure, the increase would have been 3.1%. However, the NEC were very conscious of the difficult economic conditions facing members and decided to cap the increase at 2.5%.

Salary thresholds will also rise by 2.5%.

For those members in the energy supply industry sector whose subs continue to be covered by the 0.55 per cent of earnings formula, there will be a reduction in the cap on subscriptions on 1 January 2014 from £21 per month (£252 p.a.) to £19 per month (£228 p.a.)

Letters have been sent out to those members in Prospect who pay by Direct Debit to notify them of any change in their subscription rate for next year, and asking them to check that they are paying the correct rate. For members who pay by check-off the new rates will be implemented by their respective employers or payroll offices.