Abstract: An improved, highly effective permanent waving lotion is attained by employing a reducing agent which consists of a lower alkyl ester of cysteine in combination with a thiol compound selected from the group consisting of ammonium salts and glyceryl esters of thioglycolic acid, thiolactic acid and thiopropionic acid. By employing the reducing agent of this invention, the pH level at which the permanent wave is performed can be substantially reduced, thereby improving comfort and reducing adverse reactions. The reducing agent of this invention is employed either as an aqueous solution of the two components or in association with desired additives for imparting additional benefits to the permanently waved hair. Preferably, the reducing agents of the present invention are employed in a permanent waving lotion having a pH ranging between about 5.0 and 9.5.