In a bid to keep up with the competitive market, Tata Motors has announced its new policies to improve the company’s competitiveness. As a result the key focus areas will include productivity benchmarking, cost optimization and job enrichment, for a more effective and efficient organisational structure aligned to market demand.
Tata, as a part of these initiatives has announced a Voluntary Retirement Scheme (VRS), presently intended for the workmen. The company will offer a generous benefits package for the employees who opt for the scheme. This will include a monthly payout (Basic + DA) that will start from the date of separation until the employee turns 60. Tata is also offering a provision of medical insurance cover for a period of 10 years post retirement. Apart from these benefits the standard retiral benefits such as PF, gratuity, superannuation (if applicable), encashment of unavailed leaves, LTA due but not claimed, etc .will be given.
Tata has announced two new products every year in the passenger vehicle segment. The company’s new initiatives are planned to keep it competitive in the market.