Pay rises for manufacturers have remained broadly flat throughout one of the busiest times of the year for renegotiations, EEF, the manufacturers’ organisation, has found.
EEF’s latest pay data survey, covering the three months to the end of January, found the average settlement was a 2.2% rise – the same as for the three months to the end of December. Slightly less than the previous survey, one in six settlements resulted in a pay freeze
“Fears of an escalation in manufacturing pay settlements appear to be largely unfounded as economic uncertainty continues to outweigh demands for higher wages,” said EEF chief economist Ms Lee Hopley.
“Firms remain under intense pressure to control their internal costs in the face of global competition and these figures would suggest as yet the Bank of England has little to fear from inflationary agreements in manufacturing.”
EEF’s data is based on 211 settlements covering 29,648 employees.