TATA OFFERS GOLDEN HANDSHAKE To AIR INDIA's AGING EMPLOYEES. CASH INCENTIVES OFFERED

MUMBAI - Air India has reduced the eligibility age from 55 to 40 and announced cash incentive, in case aging employees opt to retire. The Tata Group took control of Air India on January 27.

Airline's chairman N Chandrasekaran has rejigged its top management, bringing in 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. "The acceptance of your application for the above benefits and the date of release shall be subject to management's discretion," it stated.