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Qinetiq negotiates deal with union over pay and benefits

Staff will have reduced redundancy terms in exchange for pay rise

29 June 2010

Qinetiq has successfully negotiated a deal with union members to reduce redundancy terms in exchange for a pay rise.

The defence research and technology firm said that around three quarters of the company's 6,500 employees accepted a cap in redundancy pay in return for a 3.5 per cent salary increase.

New chief executive Leo Quinn claimed the deal was good for all parties concerned.

He said: "Our goal was to find a solution that strikes a balance between an affordable and competitive pay structure for those who remain and one that treats those who leave as a result of redundancy fairly."

The deal comes as part of a two-year programme to cut costs and restructure the business.

It is feared as many as 1,000 jobs could be cut as Qinetiq looks to slash its reported £457.4 million debt.

The business was recently criticised by the National Audit office which claimed a share incentive scheme offering executives a return of 19,990 per cent was excessive.

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