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Personnel Today

Engineering pay settlements fall to lowest level

by Personnel Today 28 May 2002
by Personnel Today 28 May 2002

Engineering pay settlements have fallen to their lowest level since 1984.

Engineering Employers’ Federation (EEF) figures show that the level of pay
settlements reported by engineering and manufacturing companies has fallen to 2
per cent.

For the three months to the end of May 2002, the average settlement level
was 2 per cent, compared to 2.2 per cent for the previous three-month period to
the end of April. Pay freezes accounted for just over one in four of all
reported settlements and 7 per cent of companies reported they had deferred
their pay settlement.

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David Yeandle, EEF deputy director of employment policy, commented:
"The fact engineering pay settlements have fallen demonstrates there are
currently no wage inflationary pressures coming from this sector of the
economy. It confirms that it is far too early for the Monetary Policy Committee
to be considering increasing interest rates."

www.eef.org.uk  

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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