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 3.0%. 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 7% of all settlements, the highest figure since March 2006. The number of companies reporting that they had deferred their pay settlement was just over 3% of all settlements, the highest figure since December 2005.
Settlement level - per cent
Number of settlements
Zero (pay freeze)
30
0.01-2.00
34 (31 at 2 per cent exactly)
2.01-3.00
197 (116 at 3 per cent exactly)
3.01-4.00
116 (21 at 4 per cent exactly)
4.00 or more
31
The March 2007 Pay Bulletin contains information on 408 settlements covering 56,700 employees. Of these, the average settlement was 3.2% in December 2006 and 3.0% in both January and February 2007 although the figures for both November 2006 and February 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.
ENDS