Tata Steel UK has confirmed that it will take advantage of the government’s multi-million-pound holdover bonus, which means it could receive about GBP 2.7 million from the British government. A spokesman told the FT, “Leveraging our vacation system has allowed us to retain vital skills and experience within the company to not only keep our business going through these difficult times, but also prepare ourselves to serve our customers as they scale up as well.”
A job retention bonus is paid of £ 1000 for each laid-off worker who returns to work and receives a lower pay limit of £ 520 per month between the end of the layoff program in October and the end of January 2021.
Tata Steel cut about a third of its 8,000 employees in the UK at some stage during the pandemic
Meanwhile, the steel company said it was still in talks with the UK government to secure a financial support package. Tata Steel UK has asked the UK government for a £ 500m loan