Drop in manufacturing pay deals

MANUFACTURING pay settlements have fallen to their lowest level for more than 12 months, according to the EEF manufacturers’ organisation.

The level of settlements fell slightly to average 3.1% in the three months to the end of April 2008 – the lowest figure since March 2007.

Of the 182 settlements listed the vast majority (88%) were in the 2% to 4% range. A lucky three settlements were for over 4% while there were an unlucky 13 settlements with a pay freeze.

The number of companies reporting that they had deferred their pay settlement rose sharply and was the highest figure reported for more than two years.