Tata Steel paid bosses £25 million after closing workers' pension scheme
Tata Steel paid its top European managers loyalty bonuses totalling about £25m after its UK workers accepted a pension cut to keep the British business alive. The “retention” payments were made to high-ranking staff across Tata’s UK and Dutch operations, according to people briefed on the matter. The move is likely to rankle the workforce of Britain’s largest steelmaker, who voted to approve the closure of a £15bn retirement scheme earlier this year in a bid to save the Port Talbot steelworks in south Wales.
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