Manufacturing pay shows small increase but little signs of inflationary pressures - EEF
Release date: 18/09/2008
Pay settlements in manufacturing have risen slightly according to the latest figures reported by EEF, the manufacturers' organisation, but there is no evidence that wage inflationary pressures are building up in the sector.
EEF’s latest figures for the 3 months to the end of August 2008 show that the average level of pay settlements was 3.3%, slightly higher that the figure of 3.1% reported for the 3 months to the end of July. This was also the highest figure that had been reported since October 2007.
In this period, the number of companies reporting that they had deferred their pay settlement was nearly 9% of all settlements, the same figure that had been reported for the previous 3 month period. However, the number of companies reporting pay freezes fell quite sharply to 3.6% of all settlements, the lowest level reported since October 2007.
Commenting on these latest figures, Tony Sarginson, EEF Regional Manager, said:-
“Although manufacturing pay settlements are rising slightly, they are still at a relatively low level in historical terms. There are no signs that wage inflationary pressures are building up in this sector."
|
Settlement level - per cent |
Number of settlements |
|
Zero (pay freeze) |
5 |
|
0.01-2.00 |
7 (2 at 2 per cent exactly) |
|
2.01-3.00 |
51 (35 at 3 per cent exactly) |
|
3.01-4.00 |
51 (14 at 4 per cent exactly) |
|
4.01 or more |
24 |
The September 2008 Pay Bulletin contains information on 138 settlements covering 20,556 employees. Of these, the average settlement was 3.1% in both June and July 2008 and 3.3% in August 2008 although the figures for both June and August are based on very small samples. These figures may be subject to revision to take into account settlements for this period that have not yet been received.
Notes for editors
For more information contact Jenny Russell 0191 4165656 jrussell@eef.org.uk
EEF has more than 500 member companies in the North East of England and provides the most cost effective legal, employment law, employee relations and HS&E advice and training in the UK.
EEF employs teams of HR and employment specialists and has access to more than 60 lawyers and barristers to help its members understand the issues associated with the ever increasing introduction of legislation and regulation.
Membership of EEF gives immediate unlimited access to the team of specialists - including the largest specialist employment law team in the UK, which provides professional no-nonsense advice and guidance either by telephone or in person.
In addition, EEF represents the interests of its members at UK Government, European and international level, and can provide advice and support on issues and legislation that can affect almost every aspect of business.
Visit www.eef.org.uk/northern for further information