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London Underground Tube drivers are set to see their pay increase by 5%. In a deal negotiated by the Rail Maritime and Transport union (RMT) and London Underground, Tube drivers can expect to see their average pay rise from £46,000 to over £50,000.

The Four-year deal gives London Underground staff a 5% rise in the 1st year, followed by the headline inflation rate +0.5% in the following 3 years. It is estimated that the deal may be worth £10,000 to many workers.

In light of the current economic climate the deal is seen as a victory for union bosses and staff. Union leader Bob Crow said his members might not find a better offer in the public sector.

Industry insiders are claiming the deal was sweetened to ensure tube drivers did not strike during the 2012 Olympic Games. However, the RMT union reiterated that the pay deal as separate from the negotiations on staff pay during the Olympics. It is estimated that London Tube staff will receive a bonus payment of £500 for working during the London 2012 games.