The latest settlement figures released by the Engineering Employers' Federation (EEF) show that pay increases are at their lowest level since September 1999.
Reports by engineering and manufacturing companies in the study show that the average settlement level for the three months to January 2002 has fallen from 2·4% to 2·3%.

According to the EEF this latest figure is particularly significant as it includes nearly 180 settlements for January – traditionally the month in which the largest number of settlements in the sector are concluded.

During the period the number of companies reporting pay freezes has remained high at nearly one in four of all reported settlements. In addition, more than one in ten companies have decided to defer their pay settlement. The EEF believe the pattern is set to continue for at least the first six months of 2002.

Source

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