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Thursday, June 30, 2022

Tata-owned Air India introduces VRS scheme for thousands of employees | Companies News – Mrit News

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New Delhi: In an apparent bid to encourage a significant section of its employees to voluntarily retire, Air India on Wednesday reduced the eligibility age from 55 to 40 and announced cash incentive. The Tata Group took control of Air India on January 27 after successfully winning the bid for the airline on October 8 last year. Since April, the airline’s chairman N Chandrasekaran has rejigged the top management of the airline, bringing in senior and middle-level executives who have worked in other companies of the Tata group such as Tata Steel and Vistara.

In a communique sent to employees on Wednesday, the airline said that according to the existing regulations of Air India, permanent employees can avail voluntary retirement if they are of 55 years of age or more and they have worked in the carrier for 20 years.

As an additional benefit, the carrier is reducing the age eligibility from 55 years to 40 years for cabin crew members who are in grades “S-3, S-5, S-7, E-0, E-1, E-2, E-3, E-4 and E-5”, clerical and allied staff who are in grades “S-2, S-5, S-6 and S-7” and unskilled employees who are in grades “S-1, S-2, S-3, S-4 and S-5”, it noted.

“An ex-gratia amount will also be provided to the aforementioned employees, who apply for voluntary retirement from June 1, 2022 to July 31, 2022 as a one-time benefit,” it said.

Also, employees who apply for voluntary retirement between June 1 and June 30 will also receive an additional incentive over and above the ex-gratia amount, it added. Also Read: Social media rules are all set to change, Centre to set up grievance appellate committee

“The acceptance of your application for the above benefits and the date of release shall be subject to management’s discretion,” it stated. Also Read: Sensex, Nifty rebound after two-day decline as large-cap stocks rally

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