Loss-plagued Tata Motors announces VRS for staff
28 Feb 2015 12:36 AM GMT
Struggling with mounting losses in its domestic operations, Tata Motors on Friday announced voluntary retirement scheme for workers as it tries to overcome the impact of depressed growth in commercial vehicle and passenger car businesses.
The company said it is undertaking a slew of new initiatives, including productivity benchmarking, cost optimisation and job enrichment, for a more effective and efficient organisational structure aligned to market demand, Tata Motors said in a statement.
"As a part of these initiatives, the company has announced a Voluntary Retirement Scheme (VRS), presently intended for the workmen," it said. When contacted, a company spokesperson said currently there were about 16,000 workers on the company's rolls.
The company, however, did not share how much fund it has earmarked for the VRS. Elaborating on the scheme, the company said, "Generous benefits package will be offered to employees who opt for the scheme, including a monthly payout (Basic + DA) that begins at the date of separation till the employee turns 60 years of age.”
The company said it is undertaking a slew of new initiatives, including productivity benchmarking, cost optimisation and job enrichment, for a more effective and efficient organisational structure aligned to market demand, Tata Motors said in a statement.
"As a part of these initiatives, the company has announced a Voluntary Retirement Scheme (VRS), presently intended for the workmen," it said. When contacted, a company spokesperson said currently there were about 16,000 workers on the company's rolls.
The company, however, did not share how much fund it has earmarked for the VRS. Elaborating on the scheme, the company said, "Generous benefits package will be offered to employees who opt for the scheme, including a monthly payout (Basic + DA) that begins at the date of separation till the employee turns 60 years of age.”
Next Story
