Issue of the week: a dangerous precedent?

Tata’s “special deal” on pensions could save jobs but it has worrying implications for workers in other industries

“Save our steel,” was the cry outside Parliament last week, as steelworkers gathered on College Green to highlight the plight of their struggling industry, said John Collingridge in The Sunday Times. Meanwhile, a few hundred yards away in Whitehall, officials were poring over a document that ministers hope will solve the crisis, for now at least. Business Secretary Sajid Javid’s proposal is to cut workers’s pension entitlements, in order to reduce Tata Steel’s pension burden – and make it far more attractive to putative buyers. The plan, which applies to existing and future retirees, leaves workers with a grim choice; to “swallow a pension cut or risk losing their jobs” Javid has come in for a lot of flak since taking over the business brief, said Jeremy Warner in The Sunday…

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The Week United Kingdom (Digital) - 1 Issue, V. 1076

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