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British Steel agrees for pay rise for Scunthorpe steelworkers-The 19th China (Guangzhou ) Int¡¯l Casting product Exhibition
11/16/2017 casting expo-Die-casting expo-foundry expo |
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Scunthorpe Telegraph reported that British Steel company has agreed its first-ever pay deal with negotiators from the Community, Unite and GMB trade unions. Under the deal reached on Friday, the town¡¯s 3,000 steelworkers will receive a four per cent rise, spread over two years. The money will be paid in installments of one per cent every six months, with the first payment back-dated to October 1. The deal is the first to be negotiated since British Steel took over the former loss-making Tata Steel Long Products business in June last year.
British Steel chief executive officer Mr Peter Bernscher said that "The hard work and dedication of our people has helped us start the turnaround of our business and, while there¡¯s a long way to go if we¡¯re to become truly sustainable, we wanted to recognise their valued contributions. I¡¯d like to thank the unions for their support during this ongoing process, and our employees for their commitment to building a stronger future for British Steel."
At the time of the takeover the trade unions and their members agreed to a pay freeze, a year-long three per cent cut in wages and pension contributions and an end to bonus schemes not linked to profit to help get British Steel into the black.
After reporting a first year pre-tax profit of GBP 47 million, the company repaid the three per cent and gave a GBP 1 million allocation of shares to be divided among the employees.
Mr Paul McBean, the Scunthorpe site multi-union chairman said that "British Steel¡¯s employees have been, and will continue to be, central to the turnaround of this business, so it''s only right their efforts are rewarded. Given there¡¯s still much to be done, and the challenges we face, we believe this is the best possible deal for our members and employees."
Acceptance of the four per cent deal comes after the workforce in a ballot rejected a previous offer of a one-off lump sum payment of GBP 300, which was subject to tax and National Insurance deductions.
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