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Indian Airlines plans golden handshake to trim workforce - Views on News from Equitymaster
 
 
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  • Jun 8, 1999

    Indian Airlines plans golden handshake to trim workforce

    A voluntary retirement scheme is on the cards at Indian Airlines (IA) reports the Economic Times. The current strength of the staff id approximately 21,990 across 56 aircraft.

    The proposed VRS which is being vetted by department heads at IA headquarters and regional heads, is expected to be put up before the IA board in about 8-10 weeks. The airline management is taking a cautious line on the number of personnel that is likely to avail of the VRS and expects 300-400 employees to opt for it. At present the airline has an employee to aircraft ratio of 400:1, which by itself is on the higher side, but yet, much lower than Air India's ratio of 800:1.

    According to the draft VRS, employees will be paid a lumpsum payment of one-and-a-half times their monthly salary for each year served or one-and-a-half times their monthly salary, according to the number of years left before retirement, whichever is less. Under the scheme, IA employees would continue to enjoy the airline's medical and passage benefits as well as its holiday homes, only provided they do not join a competing airline.

     

     

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