The
Engineering Employment Federation has revealed that pay settlements for the
sector have remained at their lowest level for twelve months.
The
EEF’s monthly pay bulletin for July shows that engineers received pay increases
of only 2.6 percent during the second quarter, the same as in the first quarter
and nearly one-in-six EEF members still had pay freezes in place.
The
figures show companies’ concerns about poor domestic and foreign trading
conditions are prompting them to maintain a tight grip on costs according to
the EEF.
David
Yeandle, EEP Deputy Director of Employment Policy, said, “Pay settlements in
engineering remain firmly under control as companies respond to difficult
trading conditions. This, coupled with the latest inflation figures, reinforces
out calls for a cut in interest rates when the Monetary Policy Committee next
meets.”
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The
July Pay Bulletin analyses 393 reported settlements affecting 42,171
employees. The figures are liable to be
revised to compensate for settlements not yet received.
By
Robert De La Poer
