The Tata Sons-owned Air India has reduced the eligibility age for voluntary retirement scheme (VRS) to 40 from 55 and announced a cash incentive for employees opting for the scheme. The airline, in a letter to employees, said as per the existing applicable service regulations, permanent employees can avail voluntary retirement if they have attained 55 years of age or completed 20 years of continuous service.
“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,” the letter said.
As an additional benefit, the carrier also reduced the age eligibility to 40 years from 55 years for certain permanent employees, including cabin crew, clerical, and allied and unskilled employees, the letter, a copy of which was reviewed by FE, said. “The acceptance of your application for the above benefits and the date of release shall be subject to the management’s discretion,” it stated.
The carrier had 9,426 permanent employees as of November 2019. In May, Tata Sons had appointed aviation industry expert Campbell Wilson as the CEO and MD of Air India.