Pay freezes up in manufacturing

Nearly one in five (17.3 per cent) pay settlements in the manufacturing sector are resulting in frozen wages, according to data released today by industry body EEF and JAM Recruitment. Despite persistently high inflation, the average settlement for pay in factories slipped to 2.4 per cent in the three months to the end of October, down from 2.5 per cent to September. “Signs of pay freezes increasing could be a first sign of companies responding to the growing economic uncertainty,” said the EEF.