There seems to be some respite coming in for Tata Steel. Sources say that delegates of the labour unions in UK have approved Tata steels revised pension scheme.
UK trade unions had earlier suspended the strike action scheduled for June 22 after a new pension offer from Tata Steel UK, which keeps British Steel Pension Scheme (BSPS) open.
Unions Community, Unite, GMB and UCATT were in dispute with the company about proposed changes to employees’ final salary pension scheme.
The new scheme will not only resolve the labour issues but fears of strike have also abated for Tata Steel.
The unions will be informing Tata Steel management of their acceptance to the changes in the pension scheme. Post that Tata Steel will have to take all the necessary approvals. The new scheme is likely to come into effect after four to five months.
Although all the contours of the revised proposal were not available, it does address the 2 billion euro shortfall that Tata Steel was facing and will also keep the interest of labour unions and employees in mind.
More clarity will come through in a weeks time, say sources. However in an email to CNBC-TV18, the head of Unite, Matt Ball denied reaching any agreem
Source: moneycontrol.com
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