RTTNews - British manufacturing companies are freezing workers' pay on a record scale, results of a survey conducted by the manufacturers' organization EEF revealed Friday.
Two-thirds of manufacturing companies are now freezing pay, the EEF said, the highest reported figure since the survey began in 1987.
The average pay settlement level fell to 0.7% in the three months to June from the revised figure of 0.9% for the three months to May. It is further expected to fall in the near future.
EEF head of employment policy, David Yeandle said, This unprecedented high percentage of manufacturers freezing pay and the resultant historically low level of average pay settlements are clear signs of the adverse impact that the economic downturn is continuing to have on the manufacturing sector.
In addition, the EEF said, nearly 16% of manufacturing companies have reported that they had deferred their pay settlement in the three months to June.
The EEF surveyed 240 settlements covering 55,405 employees.
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