Sunday - 05 July 2009

Shrink in pay

Published: 21 November 2008 10:20 AM
Source: The Engineer Online

EEF, the industry body for manufacturing and engineering employees, has reported the effects of the economic downturn in its latest pay data for the three months ending October.

The Pay Bulletin contains information on 94 settlements covering 12,835 employees.

According to the report, 12 per cent of companies have deferred their pay settlement, the highest level for seven years, whilst nearly 13 per cent have frozen salaries.

The average level of pay settlement has fallen significantly to 2.8 per cent, down from the forecast 3.1 per cent for the three months ending September.

This is the lowest figure reported since June 2006.

David Yeandle, EEF head of employment policy, said: ‘The severity of these changes over such a short period of time indicates the extent to which companies are having to take immediate action to control their costs.

'It seems hard to believe it is only a few months since fears about wage inflation were so prevalent.’

Bookmark with:

Del.icio.us

Stumble It!

Latest Jobs
Job Title	Job Location	Job Position
Manufacturing Engineer...	Wales	Permanent
Airworthiness Engineer...	Lancashire	Permanent
Electronics and Software Controls...	South West	Permanent
Head Of Engineering – Threat Mitigation...	London	Permanent
Systems Engineer / Architect...	United Kingdom	Permanent
Requirements Manager...	United Kingdom	Permanent