Nothing but negotiation

The Gap Partnership

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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