Retirement at 40? Checkout the latest announcement from Air India

Tata group owned Air India announced a voluntary retirement of its employees and has also reduced the retirement age from 55 to 40.

In a communique sent to employees on Wednesday, the airline said that according to the existing regulations of Air India, permanent employees can avail a 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, clerical and allied staff, and unskilled employees, 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.

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, the airline stated.

As of November 2019, the airline had 9,426 permanent employees.