Frozen salary

[onlyfoolsanddonkeys]

Can someone help me understand this and whether I am still losing out.
I have worked at my company for a long time and had a salary of £40,000 this is in London. They done a 'market rate salary' exercise for the whole company (700 plus of us) and shocker decided we were (not all) paid too much. My market rate was up to £32,000. My salary isn't being reduced but has been frozen. The company then decided to give everyone a 3% cost of living x 2 increase including those with frozen salaries. I asked if the £32,000 max was also going up 6% and was told no. Although I am gaining now, I won't in the future as my salary will be frozen for longer? Is that right?
On top of this they have also changed my pension so I have to contribute an extra £100 a month

What kind of work?

How good is the pension?

As you say, you are ahead right now, but longer term loosing out, unless you are being seriously overpaid.
I think I'd be looking for another job, but being selective right now. If you've not got a job in a years time, widen your search a bit.

@Bromptotoo well it was a good final salary pension but it's been changed to a lump sum one. It's a private medical company, I work on the admin/finance side.

I'd be looking for a new job Op as this will be detrimental in the long run!

6% pay rise is a real terms pay cut. And your salary will continue to deflate every year. Time to get a new job.

You could be a PA in London and get about £65k a year so unless you’re doing something really menial and routine it’s unlikely to be “overpaid” currently. Just looking for ways to cull older, more expensive staff I’d imagine.

@Radiodread yes it's a way to get rid of the old timers. Interestingly the PA roles were rebranded as 'Operations Manager' and are now held mainly held by men and well paid. Other roles mainly held by women were changed to Team coordinator or Administrator and lower paid. Anyone with Analyst in their title done well like IT and Finance.
It's a varied role, I do some tech support, finance, audit, diary management, general queries.

I think it's very easy to say "get a new job" but is the 32k actually reflective of market value?

Is this a case of sex discrimination? Its worth a call to ACAS to fully discuss.

MSc Programme Administrator
Imperial College London - Department of Mathematics - Faculty of Natural Sciences
Location:
London
Salary:
£37,977 to £42,360 per annum, Level 3a
Hours:
Full Time
Contract Type:
Permanent
Placed On:
25th August 2023
Closes:
12th September 2023
Job Ref:
NAT01507

This is the sort of job I would apply for

In that case if you don't feel it's reflective of market value I agree with other posters, start looking and applying for new jobs. Or compile a list of vacancies similar to your role and go back and say 32k isn't market value.