Tight hold on wages continues says EEF/JAM survey
UK manufacturing companies continue keep a tight hold on wages in the face of difficult economic conditions with the average settlement level for the three months to the end of February being 2.3%, the same figure for the previous three months.
Furthermore, according to the latest survey on pay data from EEF, the manufacturers' organisation, and JAM Recruitment, almost 90% of settlements were agreed at 3% or less.
EEF chief economist Lee Hopley said the figures continued to suggest a cautious outlook for many companies who were bearing down on their internal costs.
John Morris, chief executive of JAM Recruitment, said pay was a tricky balancing act for many companies, on the one hand seeking to control costs while also ensuring that they were not constrained by an overly cautious approach when it came to attracting the talented people to take their businesses forward.
