Air India to cut half of staff

Air India to cut half of staff

BOMBAY (AFP): India's ailing state-owned international carrier Air India has drawn up an early retirement plan that would cover more than 60 percent of its staff, officials said Monday.

"Each employee who is 40 years old and has worked for a minimum of 10 years is eligible for the scheme," said a senior source in the airline.

The scheme was approved by the Air India board of directors which met in New Delhi on Friday and offers each eligible employee 1.5 months wages for every year employed or for the years of service remaining.

"The scheme is tailor-made by Air India keeping in view its long-term interests and also the interests of staff. We have pulled out all the stops to make the scheme attractive for the employees," said the source, who asked not to be identified.

The package has been submitted for government approval.