Publishing its final figures for last year for the 3 months to the end of December, the average level of pay settlements was 3.2%, the same as the figure for the previous 3 month period to the end of November 2007. During this period, the number of pay freezes reported rose to just over 4% of all settlements. The number of companies reporting that they had deferred their pay agreement also rose to just over 2% of all settlements.
Looking forward, EEF believes the next month’s figures will be a key indicator of the direction of wage settlements for 2008 with January being one of the most important months to conclude manufacturing pay agreements.
|
Settlement level - per cent |
Number of settlements |
|
Zero (pay freeze) |
4 |
|
0.01-2.00 |
5 ( 4 at 2 per cent exactly) |
|
2.01-3.00 |
48 (30 at 3 per cent exactly) |
|
3.01-4.00 |
28 (7 at 4 per cent exactly) |
|
4.01 or more |
8 |
|
|
|
|
|
|
The January 2008 Pay Bulletin contains information on 93 settlements covering 12,643 employees. Of these, the average settlement was 3.3% in October 2007, 2.9% in November 2007 and 3.2% in December 2007 although the figures for both November and December 2007 were based on relatively small samples of settlements. These figures may be subject to revision to take into account settlements for this period that have not yet been received.