Steelworkers agree to 3 percent pay cut in Tata Steel-Greybull deal | Reuters

Trade unions Unite, GMB and Community have accepted a 3 percent pay reduction for a year as a part of the deal for the sale of Tata Steel's Long Products business to Greybull Capital, the National Trade Union Steel Coordinating Committee said.

Reuters April 20, 2016 03:00:12 IST
Steelworkers agree to 3 percent pay cut in Tata Steel-Greybull deal
| Reuters

Steelworkers agree to 3 percent pay cut in Tata SteelGreybull deal
 Reuters

Trade unions Unite, GMB and Community have accepted a 3 percent pay reduction for a year as a part of the deal for the sale of Tata Steel's Long Products business to Greybull Capital, the National Trade Union Steel Coordinating Committee said.

The unions also accepted in a ballot a 3 percent reduction in employer's and employee's pension contributions for 12 months.

Tata Steel earlier this month agreed to sell its Long Products Europe division in Scunthorpe to Greybull for 1 pound, saving a third of the 15,000 jobs placed in jeopardy by the Indian conglomerate's decision to sell up in Britain.

The steelmaker has been hit by falling prices due to overcapacity in China, which is the world's biggest market for the alloy.

The steel trade union also added that post one year, normal rates of pay and pension contributions would resume.

(Reporting by Sangameswaran S in Bengaluru; Editing by Angus MacSwan)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

also read

Epic Games appeals ruling in lawsuit alleging iPhone-maker monopoly
News & Analysis

Epic Games appeals ruling in lawsuit alleging iPhone-maker monopoly

The judge ordered Apple to dismantle a lucrative part of the competitive barricade guarding its closely run App Store, but she rejected Epic’s allegations that Apple ran a monopoly.

Apple issues fix for a 'zero-click' flaw that can let Pegasus spyware infect devices
News & Analysis

Apple issues fix for a 'zero-click' flaw that can let Pegasus spyware infect devices

Pegasus can be deployed as a 'zero-click exploit,' meaning that the spyware can install itself without the victim even clicking a booby-trapped link or file.

Post-9/11, Europe's weak spots make it a jihadist target; 'alienation and frustration' act as fodder
World

Post-9/11, Europe's weak spots make it a jihadist target; 'alienation and frustration' act as fodder

Western Europe has struggled to integrate significant Muslim populations into mainstream society