Manufacturing pay settlements at 30 month low
Manufacturing pay settlements have fallen to their lowest level for more than two years.
The latest wages data from EEF demonstrates the tight control on pay that manufacturers are having to put in place in the face of difficult and uncertain economic times, says the manufacturers’ organisation.
According to the EEF data for the three months to the end of November, the level of pay settlements has fallen to 2.8%, the lowest figure recorded since June 2006.
In addition, a quarter of companies are continuing to report that they had either deferred their pay settlement or frozen pay. Over the last three months, the number of companies reporting that they had deferred their pay settlement was nearly 10%, the highest level since August 2002, and more than 15% of them had frozen pay, the highest level since December 2003.
