Tata Group-backed Air India has reduced the eligibility age for voluntary retirement to 40 years of age from 55 years of age.
The airline also announced a cash incentive to encourage a section of its employees to retire voluntarily.
On Wednesday, in a communique sent to employees, the airline said that according to the existing regulations of Air India, permanent employees can avail of voluntary retirement if they are of 55 years of age or more and they have worked in the carrier for 20 years, reported by PTI.
Thereby, as an additional benefit, Air India is reducing the age eligibility 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-5тАЭ. The new eligibility is applicable for clerical and allied staff in grades тАЬS-2, S-5, S-6 and S-7тАЭ and unskilled employees in grades тАЬS-1, S-2, S-3, S-4, and S-5тАЭ.
Further, Air India is offering an ex-gratia amount to the employees who apply for voluntary retirement from June 1, 2022, to July 31, 2022, as a one-time benefit. Also, Air India employees who choose to retire voluntarily between June 1 and June 30 will receive an additional incentive over and above the ex-gratia amount. However, the acceptance of the employee applications for the above-mentioned benefits and the date of release will be subject to managementтАЩs discretion.