Britain's leading steel producer Tata Steel UK, subsidiary of India-based Tata Steel, will avail itself of the offer of a multi-million pound furlough retention bonus made by the UK government, according to media reports.
The steel producer had furloughed almost a third of its 8,000 employees in the UK during the coronavirus pandemic. Accordingly, the company could receive a bonus of about £2.7 million from the UK government, SteelOrbis understands.
The Job Retention Bonus pays out £1,000 for each furloughed employee who returns to work and is paid the lower earnings limit of £520 per month between the end of the furlough scheme in October and the end of January 2021.
The company has also requested a £500 million emergency loan from the government in order to fund its UK operations, as previously reported by SteelOrbis.