Workers agree to pay cut to save jobs
A union for thousands of workers at a major British manufacturing company says they have accepted a temporary pay cut and fewer working hours to prevent job losses, reports CNN.
About 2,500 members at seven JCB plants across the country have agreed to a 4-day work week with £50 ($81) less pay for each of the next 13 weeks, the GMB union said.
The deal was the first of its kind in the current economic slump, adding that the lost pay will be partly replaced by money from a government fund, according to GMB.
"I am delighted that we have been able to save 350 jobs," said GMB spokesman Keith Hodgkinson.
JCB, one of the world's top three manufacturers of construction equipment, employs around 8,000 people worldwide.