Workers at BAE have voted to take one day unpaid leave a month in a move which has saved 565 manual jobs at Warton and Samlesbury.
A deal was struck on Monday morning after up to 2,000 workers voted overwhelmingly in favour of the move.
If they had voted against it, BAE said they would have to make 150 compulsory redundancies from as early as next week.
It was announced in September that 565 manual staff would be lost due to the company's cutbacks.
Unions had managed to mitigate all but 150 positions prior to today's deal.
All those jobs have now been saved with the deal in place for two years.
Phil Entwistle, convenor for the Unite union representing manual workers at the Lancashire sites, admitted it had been "a difficult decision" for people to make.
He said: "It shows that our members are very conscious of the state of the economy in this country.
"There are not a lot of jobs our there and if it means sacrificing a day's pay a month to retain their job, it's been well worth it."