Find out what our customers have to say about our service.Read more
Study shows decline in pay rises
Monday November 21st 2011
New figures released by the Engineering Employers Federation (EEF) have shown that workers have seen their salaries increase by 2.4% on average in the last few months, down from 2.5% previously.
The latest report by EEF, which was based on an analysis of settlements in over 80 firms with a total workforce of nearly 11,000 employees, showed an increase in pay freezes.
A salary freeze was noticed in nearly 20% of pay deals.
Chief economist Lee Hopley said: "Whilst overall settlements are continuing to hover around normal levels, signs of pay freezes increasing could be a first sign of companies responding to the growing economic uncertainty we have seen in the last few months.
"Attention will now turn towards the January bargaining round, where negotiations will again take place against a very cloudy outlook for the sector in the year ahead."
John Morris, chief executive of JAM Recruitment, which helped with the study, said: "The current data seems to reflect an uncertainty among manufacturers. Yet with many British companies competing on quality not cost, access to the most skilled and highly educated employees is one of the most important factors to staying fleet of foot."
Copyright © Press Association 2011
How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!