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In a bid to control the overall cost of the company, Tata Motors on Friday floated a voluntary retirement scheme (VRS) for the third time in four years.
According to the Business Standard report, “The VRS scheme applies to all permanent employees and the staff working at the automobile plants.”
“The scheme is open till January 9, 2021, and will cover nearly half of the Tata Motors 42,957 employees,” the newspaper added.
In an email sent by Ravindra Kumar GP, President & Chief Human Resource Officer to the Tata Motors staff on December 11, accessed by Business Standard said, “Tata Motors continues to implement its turnaround plans effectively. Towards this, we are also reviewing cost structures proactively while ensuring that our commitment towards employee welfare and well being remains foremost,” the email said, as seen by the paper.
“As a first step and in response to employee requests, we are announcing a VRS for permanent employees and workers. The scheme will let eligible employees avail early retirement by drawing certain compensation and benefits,” Ravindra in his email added.