I doubt it makes you feel any better, but isn't that an effective cut of 4.4%?
As a starting point, original pay was 100% of original pay.
A year later, the same amount in real terms is, in nominal terms, 106.2% of the original amount (at 6.2% interest).
But, if you're being paid 101.5% of the original amount, in nominal terms, then in real terms you're being paid (101.5/106.2) = 0.9557... of the original amount. Which is about a 4.4% cut in real terms.
I doubt it makes you feel any better, but isn't that an effective cut of 4.4%?
As a starting point, original pay was 100% of original pay. A year later, the same amount in real terms is, in nominal terms, 106.2% of the original amount (at 6.2% interest). But, if you're being paid 101.5% of the original amount, in nominal terms, then in real terms you're being paid (101.5/106.2) = 0.9557... of the original amount. Which is about a 4.4% cut in real terms.