G4S cash workers have suspended planned strikes on Monday after a pay deal was agreed with the security giant today.

Members of the GMB union voted in favour of industrial action last month, raising concerns of potential cash shortages at banks and retailers across Britain in the run-up to Christmas.

The outsourcing firm delivers cash and coins to the likes of Barclays, HSBC, Santander, Tesco and Asda.

The strike was due to take place from 3am on Monday after 97 per cent of voting members were in favour of the move.

However, the union has now paused the planned action and is recommending a two-year pay deal from the company to members.

The pay deal will include an 8.5 per cent increase in basic pay and allowances from January 2023.

It will also involve a minimum increase of 3.75 per cent from January 2024, with a maximum of 6 per cent, depending on consumer price index inflation levels in October next year.

G4S had previously tabled an offer of a 6.5 per cent pay rise from January.

GMB national officer 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.”

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

The security giant was taken over by US firm Allied Universal for £3.8 billion last year.