Menu
22/05/2002
Engineering pay awards fall to 18-year low
The level of pay settlements reported by engineering and manufacturing companies has fallen to 2% - the lowest level for 18 years - according to the latest figures from the EEF (Engineering Employers' Federation).
This is the lowest figure reported by EEF member companies since settlement levels were first reported in this format in 1984.
For the three months to the end of April 2002, the average settlement level was 2.0% compared to 2.2% for the previous quarter to the end of March. During the month of April 2002, usually the month in which the second largest number of settlements is usually reported, the average for the reported settlements was even lower, standing at only 1.8%.
In addition, over a third of companies either froze or deferred pay. Broken down, pay freezes accounted for just over a quarter of all reported settlements and 7% of companies reported that they had deferred their pay settlement.
EEF Deputy Director of Employment Policy, David Yeandle said: "The fact that engineering pay settlements have fallen to their lowest level since the EEF started to keep records in this format demonstrates very graphically that there are currently no wage inflationary pressures coming from this sector of the economy. It confirms our view that it is therefore far too early for the Monetary Policy Committee to be considering increasing interest rates."
(CL)
This is the lowest figure reported by EEF member companies since settlement levels were first reported in this format in 1984.
For the three months to the end of April 2002, the average settlement level was 2.0% compared to 2.2% for the previous quarter to the end of March. During the month of April 2002, usually the month in which the second largest number of settlements is usually reported, the average for the reported settlements was even lower, standing at only 1.8%.
In addition, over a third of companies either froze or deferred pay. Broken down, pay freezes accounted for just over a quarter of all reported settlements and 7% of companies reported that they had deferred their pay settlement.
EEF Deputy Director of Employment Policy, David Yeandle said: "The fact that engineering pay settlements have fallen to their lowest level since the EEF started to keep records in this format demonstrates very graphically that there are currently no wage inflationary pressures coming from this sector of the economy. It confirms our view that it is therefore far too early for the Monetary Policy Committee to be considering increasing interest rates."
(CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
11 March 2002
Employers urged to address issue of equal pay
Employers have been urged to apply for a Castle Award, the new mark of excellence which will reward employers’ efforts in tackling equal pay issues.
Employers urged to address issue of equal pay
Employers have been urged to apply for a Castle Award, the new mark of excellence which will reward employers’ efforts in tackling equal pay issues.
04 March 2002
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
04 November 2005
Bosses pay rises up to six times faster than employees
A survey of top company bosses pay has revealed that salaries have increased by 18% in the last year. The survey of 1,000 top directors conducted by Income Data Services showed that around half had incomes in excess of £1 million and a few received remuneration packages put at £5 million a year.
Bosses pay rises up to six times faster than employees
A survey of top company bosses pay has revealed that salaries have increased by 18% in the last year. The survey of 1,000 top directors conducted by Income Data Services showed that around half had incomes in excess of £1 million and a few received remuneration packages put at £5 million a year.
17 February 2005
Knowledge gap holds back equal pay, says Acas
Low levels of understanding by employees and employers is one of the key factors holding back the establishment of equal pay, employment relations group, Acas, has claimed.
Knowledge gap holds back equal pay, says Acas
Low levels of understanding by employees and employers is one of the key factors holding back the establishment of equal pay, employment relations group, Acas, has claimed.
10 November 2005
Minister welcomes reduction in gender pay gap
Minister for Women Tessa Jowell has today welcomed a narrowing in the gender pay gap. Commenting on figures from the Office of National Statistics (ONS) Mrs Jowell said: "It is excellent news that the gender pay gap is now at its lowest level in 30 years since the introduction of the Equal Pay Act.
Minister welcomes reduction in gender pay gap
Minister for Women Tessa Jowell has today welcomed a narrowing in the gender pay gap. Commenting on figures from the Office of National Statistics (ONS) Mrs Jowell said: "It is excellent news that the gender pay gap is now at its lowest level in 30 years since the introduction of the Equal Pay Act.
-
Northern Ireland WeatherThis Evening and Tonight:A fine end to the day with some evening sunshine. It remains mainly dry overnight with a touch of frost or fog patches possible in places. However, cloud is expected to increase towards dawn with the odd light shower. Minimum temperature 2 °C.
