Tata Steel pays bonuses worth £25 mn to European managers

Move likely to rankle workforce who voted to approve closure of a 15 bn pounds retirement scheme

Tata Steel, the country’s largest steel producer, has paid loyalty bonuses totalling about 25 million pounds to its top European managers, months after the UK workers accepted a pension cut to keep its British business alive. According to the Financial Times, “retention” payments were made to 100 high-ranking managers across Tata’s UK and Dutch operations. 

The move is likely to rankle the workforce of Britain’s largest steelmaker who voted to approve the closure of a 15 billion pounds retirement scheme in February in a bid to save the Port Talbot steelworks in south Wales. The compromise was part of a package