EEF reports rise in pay settlements

The
average level of pay settlements reported by engineering and manufacturing
companies has risen slightly according to the latest figures from the EEF
(Engineering Employers Federation).

For
the three months to the end of August, the average settlement level was 2.3 per
cent, a rise from the historically low level of 2.2 per cent as reported for
the three months to the end of July.

Over
the same period, the number of deferments, which had risen sharply during the
previous three-month period, dropped slightly to just under 13 per cent of
settlements. The number of pay freezes fell to just under one in seven
settlements.

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EEF
deputy director of employment policy David Yeandle said: "Although there
has been a slight rise in the level of settlements this month, there is no
reason to believe that wage inflationary pressures from this sector should
concern the MPC."

By Ben Willmott