A survey of UK furniture manufacturers has revealed that 91% of participants plan to increase wages in 2024 despite concerns about economic uncertainty.
The British Furniture Manufacturers (BFM) Wages Survey 2024 predicts that the average increase will be +4.9%.
Over the last two years, average production wages in the industry will have increased by around +10% due to high consumer inflation and skill shortages.
The BFM survey looks at pay across 24 job roles including foreman, upholsterer, cabinetmaker and mattressmaker, as well as standard hours and holidays.
BFM MD Phil Spademan says: “As part of our work, BFM regularly surveys the industry on key topics to provide insight to members. Our survey this year has found that economic uncertainty is the most significant factor influencing wage awards this year, followed by margins and the new National Minimum Wage. 91% are planning to increase wages by an average of +4.9%.
“The survey also showed that 45% of participants believe the rise in the National Living Wage will reduce the difference in wage levels between skilled and unskilled workers.”
