Pay settlements stay at 3 pc

Manufacturing News, Source : TheManufacturer.com
Published : 28 Mar 2007 15:38

Manufacturing pay settlements are stable at three per cent according to the latest figures from EEF, the manufacturers’ organisation.

According to EEF’s latest monthly survey of just over 400 pay settlements, including 365 reached in January 2007 alone, the average settlement level reached in the three months to the end of February 2007 was three per cent. This was the same level as the revised figure for the previous three month period to the end of January 2007.

During the three months to the end of February 2007, the number of companies reporting that they had frozen pay rose slightly to just over seven per cent of all settlements, the highest figure since March 2006. The number of companies reporting that they had deferred their pay settlement was just over three per cent of all settlements, the highest figure since December 2005.

The March 2007 Pay Bulletin contains information on 408 settlements covering 56,700 employees. Of these, the average settlement was 3.2 per cent in December 2006 and three per cent in both January and February 2007 although the figures for both November 2006 and February 2007 were based on relatively small samples of settlements.

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