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Workers at defence firm BAE Systems have agreed to take a pay cut aimed at saving 120 jobs.
The firm said 2,000 staff at its Samlesbury and Warton sites would take one day of unpaid leave a month for two years in order to prevent compulsory redundancies.
The move follows an announcement by BAE in November that it would make up to 3,000 workers redundant to ensure its long-term future.
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Ian Waddell, national officer at the Unite trade union, said the workforce at Samlesbury had made a significant sacrifice and praised local management for doing the deal.
However, he attacked the firm for its wider plans to cut jobs.
"The action to save jobs at Samlesbury is in sharp contrast to the refusal of the management at BAE Systems' Brough site to properly consult the unions and explore ways of saving jobs, instead they seem determined to sacrifice 899 skilled workers," he said.
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
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