Tata Steel UK trade unions suspend industrial action
UK trade unions have said they have temporarily suspended industrial action at Tata Steel, which began yesterday, as the company has made a new offer to the negotiators.
The unions had started the industrial action, which included overtime ban and work to rule. However, the plan for strike action on Monday (June 22) has not changed. “Community, along with Unite, GMB and UCATT, is temporarily suspending its industrial action, which began this morning. “Through talks at ACAS (Advisory, Conciliation and Arbitration Service) yesterday and ongoing dialogue today, union negotiators secured a new offer from the company, which means the scheme would remain open,” a joint statement late last night said.
Members of Community’s National Executive Council, who work for Tata Steel, were presented the new offer at an emergency meeting in London this afternoon, it added. “Those present at the meeting agreed that the company had shifted its position to such an extent that industrial action could be suspended temporarily and steps could be taken to consult members on the revised offer.
<g data-gr-id="24">Consultation</g> will begin with a meeting of senior union delegates from across the company on Friday (June 19),” the statement said.
Trade unions representing workers of Tata Steel in the UK had announced strike action on June 22 -- the biggest industrial action in the UK in nearly three decades -- over proposed changes in the company’s pension scheme. Tata Steel employs over 17,000 workers across various sites in Wales and around England.
Community General Secretary and Chair of National Trade Union Steel Co-ordinating Committee Roy <g data-gr-id="20">Rickhuss</g> said,” It is good that Tata Steel has finally seen sense, participated in the meaningful discussions that unions have been calling for and changed its mind about closing the scheme.” On June 14, Tata Steel had said the firm had approached British conciliation service ACAS in a bid to resolve the pension dispute with the trade unions.
Shares up nearly 4%
Shares of Tata Steel rose by nearly 4 <g data-gr-id="48">per cent</g> today after UK trade unions temporarily suspended industrial action at the firm as it has made a new offer. The stock gained 3.62% to settle at Rs 305.10 on the BSE. During the day, it climbed 5.68 per cent to Rs 311.20. On the NSE, it went up by 3.59% to close at Rs 305.05. Market valuation rose by Rs 1,034.78 <g data-gr-id="49">cr</g> to Rs 29,631.78 <g data-gr-id="50">cr</g>. On the volume front, 16.20 lakh shares of the company changed hands on the BSE.