Pay rises fall below rate of inflation

Pay rises fall below rate of inflation
Jon Mainwaring Average pay rises have fallen below the rate of inflation for the first time since September 1995, according to the Engineering Employers’ Federation (EEF). The EEF has received details of 212 pay settlements for the three month period of May to July 1997, for which the average settlement level was 3.25 per cent. This is below the Retail Price Index rate of inflation which is currently 3.3 per cent. Pay freezes during the period numbered six per cent of the total number of settlements, with 12 companies reporting no increase. Just three firms reported rises of six per cent or more.


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