Security giant G4S has revealed it is set to slash more than 1,000 jobs in its cash distribution business as a result of the pandemic.

It comes as a result of a massive reduction in demand for traditional cash, as the health crisis pushes consumers to use contactless methods instead.

And the knock-on impact for those involved in the cash industry has left it "on a knife-edge" according to union chiefs.

G4S, which operates secure vehicles which deliver and collect money from banks and other businesses across Kent, says the move comes "following a review of our cash solutions operation footprint in the UK".

A consultation period with staff is now under way.

Paul van der Knaap, managing director of G4S Cash Solutions UK, added: "We are proposing to reshape the business to better align it with the changing needs of our customers.

“Regrettably this will result in a reduction in headcount, and today we have entered into a period of consultation with affected staff."

Union the GMB says it fears as many as 1,150 staff are at risk nationwide.

Roger Jenkins, GMB national officer, said: “These cuts are devastating for our members and their families. GMB will fight to the end for every single job.

“They are also another worrying step towards a cashless society – the cash industry really is on a knife edge.

"The collapse of cash industry could have a terrible impact on the elderly and most vulnerable and wreak havocon small and medium enterprises which rely on cash transactions.

“GMB is calling on the government to take action to protect the cash industry and all those who will be hit hard is it disappears.”

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