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• Tata Steel unions urge U-turn on pensions cuts after £1.6bn profit
Brief : Staff accepted reduction in benefits as they were told alternative was insolvency Tata Steel moved back into profit at the start of this year, in large part due to a £1.6bn boost from the restructuring of its pension scheme, prompting unions to demand that cuts to members’ benefits be reversed.The Indian steelmaker swung to a profit of 146.9bn rupees (£1.6bn) in the three months to the end of March, from a loss of 11.7bn rupees a year earlier. It benefited from a one-off gain of £1.6bn related to the restructuring of its British pension scheme, which is now complete. Continue reading...
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