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India's Tata Steel softens stance on UK pension changes - CNBC TV18
June 8, 2015 / 12:56 PM / 2 years ago

India's Tata Steel softens stance on UK pension changes - CNBC TV18

A Tata Steel sign is seen outside their plant in Scunthorpe northern England, October 15, 2014.Phil Noble

MUMBAI (Reuters) - Tata Steel Ltd (TISC.NS), which in the middle of a dispute with UK trade unions about proposed changes to its pension plan, has softened its stance, television channel CNBC TV18 reported on Monday, citing unnamed sources.

Workers at four trade unions have voted for strike action last week in what could be the biggest labour action in the British steel industry in three decades.

Tata Steel Chairman Cyrus Mistry has written a letter to British Prime Minister David Cameron, the TV channel said. The company, Europe's second biggest steelmaker, has proposed lowering the pension age to 63 years from 65, the TV channel said.

Indian-owned Tata Steel is keen to avoid industrial action and will work towards reducing the impact of the proposed changes, Mistry wrote in his letter to Cameron, according to the TV channel.

Tata Steel did not immediately respond to calls and an email seeking comment.

Reporting by Aman Shah in Mumbai; Editing by Anand Basu

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