Manufacturers slow and cut pay rises

Figures published today (17 October) by the manufacturers’ organisation EEF, show that for the three months to the end of September, the average level of pay settlements was 3.2%, slightly lower than the figure of 3.3% reported for the three months to the end of August. In this period, the number of companies reporting that they had deferred their pay settlement rose slightly to nearly one in 10 of all settlements, the highest figure that had been reported for more than five years. The number of companies reporting pay freezes also rose slightly to 3.5% of all settlements. EEF head of employment policy David Yeandle said the data showed that manufacturers were making every effort to control costs in a period of increasing economic uncertainty."