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Workers vote yes in Tata steel rescue deal

by LLB Reporter
15th Feb 17 2:59 pm

What did the figures show?

Thousands of steelworkers have voted yes to a rescue deal with Tata, this is the company that owns the Port Talbot steel plant.

A ballot opened to 10,000 workers for two weeks.

Around a quarter of those at each union voted no to the proposals.

The deal which has been agreed will lead to the safety of thousands of jobs, it also guarantees £1bn worth of investment over the next 10 years.

This comes at a price to people’s pensions, it should help avoid the British Steel Pension Scheme (BSPS) from having to be taken over by the Pension Protection Fund (PPF) lifeboat scheme.

The final salary scheme is now set to close, a defined contribution scheme will be set up in its place.

The voting figures:

– Community union members: 72 per cent in favour, 28 per cent were against the changes.

– Unite members: 76 per cent to 24 per cent split.

– GMB saw a divide of 74 per cent to 26 per cent.

Community general secretary Roy Rickhus said: “Steelworkers have taken a tough decision and have shown they are determined to safeguard jobs and secure the long-term future of steelmaking.”

“Nobody wanted to be in this situation, but as we have always said, it is vital that we now work together to protect the benefits already accrued and prevent the BSPS from free-falling into the PPF.”

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