Air India offers cash incentives, lowers eligibility age to encourage employees to retire voluntarily
In a bid to encourage a significant section of its employees to retire voluntarily, Air India on Wednesday lowered the eligibility age from 55 to 40 and announced a cash incentive.
After successfully winning the bid for the airline on October 8 last year, the Tata group took over control of Air India on January 27.
Since April, the airline’s chairman N Chandrasekaran has replaced the airline’s top management, bringing in senior and mid-level executives who have worked in other Tata group companies such as Tata Steel and expand.
In a release sent to employees on Wednesday, the airline said that as per existing Air India rules, permanent employees can avail voluntary retirement if they are 55 years of age or above and have worked in a career for more than 20 years. .
As an added benefit, the carrier is reducing the age eligibility for cabin crew members from 55 to 40 years, who are “S-3, S-5, S-7, E-0, E-1, E- 2″ in grade. , E-3, E-4 and E-5”, clerks and allied workers in grade “S-2, S-5, S-6 and S-7” and unskilled workers in grade “S-1″ , S-2, S-3, S-4 and S-5”, it noted.
“An ex-gratia will also be provided to the above employees, who apply for voluntary retirement in the form of lump sum benefit from June 1, 2022 to July 31, 2022,” it said.
In addition, employees who apply for voluntary retirement between June 1 and June 30 will also get additional incentives apart from ex-gratia.
“The date of acceptance and release of your application for the above benefits will be subject to management’s discretion,” it said.