Tata Steel unions urge U-turn on pensions cuts after £1.6bn profit

Tata Steel unions urge U-turn on pensions cuts after £1.6bn profit
 

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.
In the same quarter last year, Tata booked charges of 40.7bn rupees, including some relating to the... read more

 
16 May 2018 in Business, Views: 55
Source: Guardian
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