New Delhi: Tata-owned Air India has launched a voluntary retirement scheme (VRS) for its employees, as reported by the PTI. In a bid to encourage a significant section of its employees to voluntarily retire, the airline has reduced the eligibility age from 55 to 40 and also announced cash incentive.
According to news reports, as of November 2019, Air India had 9,426 permanent employees.
The Tatas took control of Air India on January 27, 2022, after successfully winning the bid for the airline on October 8 last year.
Its Chairman N Chandrasekaran has reorganised the top management of the airline since April, bringing in senior and middle-level executives who have worked in other firms of the Tata group like Tata Steel and Vistara.
In a note sent to the employees on Wednesday, the airline stated 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 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.
Besides, 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.
“The acceptance of your application for the above benefits and the date of release shall be subject to management’s discretion,” it stated.
Air India simultaneously is holding a recruitment drive and is conducting walk-in interviews for cabin crew in Kolkata, Mumbai, Bengaluru, and Hyderabad.