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Manufacturing pay settlements fall
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18/06/2008
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Tougher economic conditions have resulted in manufacturing pay settlements falling for the third consecutive month to their lowest level for more than 18 months.
According to the latest figures from the manufacturers’ organisation EEF, the average level of pay settlements fell to 3%. This is slightly lower than the previous three month figure of 3.1% and is the lowest level reported since October 2006.
In the same period, the number of companies reporting pay freezes rose quite sharply to just over 7% of all settlements, the highest figure reported since March 2006. The number of companies reporting that they had deferred their settlement also rose to just over 6% of all settlements, the highest level reported since December 2002.
EEF deputy director of employment policy David Yeandle said: “This gradual decline in pay settlements coupled with the quite sharp increase in pay freezes and deferments clearly indicates the tougher economic climate now facing manufacturers. Despite the increased cost of living, in such difficult conditions it would appear that this is not being translated into pay pressures in this sector.”
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Author
Ken Hurst
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