Security workers at G4S have called off industrial action after an 11th hour deal with bosses.

Many staffers handle the cash used in high street retailers.

Trade union GMB had warned of a Christmas shortages if the walk-outs had gone ahead.

Some 1,500 members who deliver cash and coins to a range of clients across the UK were due out on December 5.

A G4S statement said: “We are pleased that the GMB is recommending our two-year offer to affected employees and that the strikes have been suspended.”

The company said that the deal struck is as follows:

• The offer for a two year deal is as follows:

• An increase of 8.5% to basic rates and associated allowances with effect from 1st January 2023.
• A further increase of 3.75% to basic rates and associated allowances with effect from 1st January 2024. The next general review date will be 1st January 2025.
• In addition to the above we will increase the award from 3.75% to a maximum of 6% for 1st January 2024 if CPI for October 2023, as released by the ONS in November 2023, is above 3.75% up to a maximum of 6%.

• This will amount to a pay rise of between 22.25% to 24.5% 2021 to 2024 inclusive.
• G4S and the GMB Union agreed in 2021 a 2021-2022 Pay Deal. The agreement of that deal offered pay increased:
• With effect from 1 July 2021 an increase in pay of 3.5%
• With effect from 1 Jan 2022 an increase in pay of 4.0%
• This totals a pay increase of 7.5% over 18 months

The union had earlier rejected a pay deal from G4S Cash Solutions.

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But GMB bosses say the strikes have been temporarily halted while members voted on a new offer from bosses, a sign the strike had been averted.

GMB spokesman Eamon O’Hearn said: “G4S Cash staff are low paid workers doing a dangerous job, transferring the cash so many of us rely on every day.

“They deserve decent pay in this cost-of-living crisis. They will now decide whether this offer is enough.”