Defence group BAE Systems has offered nearly 30,000 staff a pay rise of 6.75 per cent.
The increase will be followed by a second rise of 6 per cent next year and has been tabled alongside two £1,000 cost-of-living payments.
In focus: Shares in BAE recently hit a record, cementing its position as the biggest winner on the FTSE 100 so far this year
A BAE spokesman said: ‘Following negotiations with our trades unions, we’ve reached agreement on a proposed pay deal for eligible employees.’
He added the proposals, which will be put to a vote this month, would help address the increased cost of living whilst ensuring the company remains competitive.
Ian Waddell, General Secretary of the Confederation of Shipbuilding and Engineering Unions, told The Mail on Sunday: ‘We think it’s a fair offer so hopefully the members will accept it.
‘I am confident we have squeezed every penny we can.’
Waddell warned that a ‘sustained strike’ would be the only alternative should employees seek more pay. But added this is something ‘nobody wants’. Waddell said: ‘There are enough strikes breaking out everywhere without us having one at BAE Systems as well.’
He said the BAE offer ‘will become a benchmark and others will be judged against it’ if accepted.
BAE’s pay breakthrough comes in stark contrast to Rolls-Royce, where Unite rejected the latest pay deal. The Rolls offer included £2,000 to help with the cost of living and a 4 per cent raise.
Shares in BAE recently hit a record, cementing its position as the biggest winner on the FTSE 100 so far this year.
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