Staff at the note and coin distribution business G4S have voted in favour of strike action, which may cause a cash shortage in the days leading up to Christmas.
Barclays, Lloyds, and HSBC are customers of G4S Cash Solutions, as are retailers Tesco, Asda, Aldi, Morrisons, and Boots, and the pub brands Wetherspoon’s and Greene King.
After rejecting a 4.5% wage increase and lump sum bonus from management, over a thousand employees who distribute banknotes and coins will engage in a 48-hour strike from September 5th to 7th.
The GMB labour union said of G4S, “All its proposals have represented a substantial real pay reduction for members, and Wednesday’s inflation data (RPI – 14.2%, CPI – 11.1%) further strengthen your demand for a cost-of-living rise to keep members and their families from falling behind.”
The union’s demand for a 15% salary increase raises the possibility of more strike action leading up to the holiday season.
G4S asserts that it has contingency procedures to minimise disruptions to cash services nationwide.
People in the United Kingdom are increasingly resorting to cash as a more efficient means of managing their budgets and limiting their expenditures due to the rising cost of living.
In July, Post Offices in the United Kingdom processed a record £801 million in personal cash withdrawals, an increase of almost 8% month-over-month.
Over £3.3 billion in cash was deposited and withdrawn at Post Office counters, the first time in the Post Office’s 360-year existence that this level was surpassed.
