22 March 2024
Corporate News

Significantly enhanced support package offered to employees

TataSteel_background_MSTeams_blue

Following a meeting of the UK Steel Committee this week, Tata Steel UK has put forward a comprehensive package of support for employees impacted by the proposed transformation of the UK business.

CEO Rajesh Nair said: “We fully recognise the significant impact of the measures necessary to make Tata Steel UK a financially and environmentally sustainable steelmaker. We will act responsibly and compassionately by providing generous support and assistance to all affected employees.”

The support package put forward includes an increased offer of 2.6 weeks’ (from 2.1 weeks) redundancy payment for every year of an employee’s service, up to a maximum of 25 years. All full-time employees, regardless of actual service, will receive a minimum of £12,500 redundancy payment (the payment will be pro-rated for part-time employees).

“As a combined offer, this is the most generous and comprehensive support package that we have offered to outgoing employees."

 

Tata Steel will also offer a retention ex-gratia payment of £5,000 for potentially affected employees, dependent upon maintaining an indicative attendance level of at least 96% during their last four months of employment.

Mr Nair added: “As a combined offer, this is the most generous and comprehensive support package that we have offered to outgoing employees. 

“It clearly reflects our commitment to maximising the proportion of voluntary redundancies, and is in addition to our work with the Transition Board that will include community programmes, skills training and job-seeking initiatives. 

“We will also work closely with a range of local, regional and national stakeholders to ensure those impacted by job losses have all the support they need.”

Rajesh
 
About Tata Steel UK
  • The Tata Steel Group has been named one of the most ethical companies in the world, and is among the top producing global steel companies with an annual crude steel capacity of 34 million tonnes. 
  • Tata Steel in the UK has the ambition to produce net-zero steel by 2045 at the latest, and to have reduced 30% of its CO2 emissions by 2030. 
  • Tata Steel is the largest steelmaker in the UK with primary steelmaking at Port Talbot in South Wales supporting manufacturing and distribution operations at sites across Wales, England and Northern Ireland as well as Norway, Sweden, France and Germany. It also benefits from a network of international sales offices around the world.
  • Tata Steel employs more than 8,000 people and has an annual crude steel capacity of 5 million tonnes, supplying high-quality steel products to demanding markets, including construction and infrastructure, automotive, packaging and engineering. 
  • Tata Steel Group is one of the world's most geographically-diversified steel producers, with operations and a commercial presence across the world. 

Follow us on social media

A blue and white rectangular sign with a qr code

Description automatically generated