Air India staff to get 98 crore shares as employee stock options
Air India has been looking to overhaul its workforce for scaling up operations, and has opened up communication channels.
As Google, Meta and big tech firms use excessive manpower and wage costs as reasons to justify mass layoffs, one is reminded of Tata Steel's Early Separation Scheme in the 90s, when early exits guaranteed salaries till retirement age for employees. It just stands out among many other schemes implemented by the salt-to-steel conglomerate for employee benefit. The past few years were tough for employees of debt-burdened Air India, but its new owner Tata has set out to reward the staff with stock options.
ALSO READ
After implementing an employee stock option (ESOP) scheme at Tata Motors in 2018, the Tata Group has plans to allot 3 per cent of its share capital to Air India employees. Permanent staffers of the airline will be getting 98 crore shares, which won't be owned by them personally, but by a trust. SBI Cap Trustee Company has been roped in to implement this ESOP scheme and assign shares to eligible employees, who can encash them after calculation of fair value by July 2023.
The step is just one among many measures to incentives employees, along with an open communication channel for 7,000 workers and plans to host townhall meetings.
Stock options have also proved beneficial for employees at airlines such as Indigo, where senior management who held ESOPs from the early days, became millionaires overnight when the stock got listed.
RECENT STORIES
-
Bus Carrying EVMs Of Six Polling Booths Catches Fire In MP's Betul (WATCH) -
Karnataka Class 10 Result Likely To Be Out Tomorrow, Learn How To Download From karresults.nic.in... -
FPJ Mumbai Debate LIVE: Mahayuti Vs Maha Vikas Aghadi Candidates Share Their Plans For The Maximum... -
Tragic Video: Fruit Vendor Electrocuted To Death In Bahadurpara Of Hyderabad Due To Rains -
I Remember Sanjay Sir Provided Me With References From Song in Mughal-e-Azam: Aastha Mittal Of...