Supporters of the Scunthorpe steel industry protesting [Image: Getty].

Why is it that the workers always suffer in these job-salvation deals? How much pain will executives and shareholders have to take?

Those are the questions that should be asked about proposals like this.

A last minute deal to rescue Tata Steel’s under threat Scunthorpe plant and save thousands of jobs may be secured if pensions and pay are reformed , it was reported last night.

Turnaround specialist Greybull is believed to be in exclusive talks about buying Tata’s so-called “long products” unit in the Lincolnshire town.

However, an agreement to sell parts of Tata’s loss-making European business could run into trouble over Greybull’s plans for restructuring to the company.

Greybull is understood to want to scrap the final-salary pension scheme and to introduce changes to overtime pay and bonuses.

In return they promise a cash injection of £400million to save the beleaguered plant.

However, last summer Tata staff threatened to strike over a planned shake-up of the pension scheme – which was in deficit by £2billion – which would have meant workers having to work an extra five years before they were able to retire.

Walk-outs were averted after Tata and unions agreed an undisclosed deal that kept the final-salary scheme.

Source: Tata Steel could be saved if pension and pay reforms reformations approved – Mirror Online

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