Ranchi, Dec 3 (IANS) India's leading steel maker Tata Steel is introducing an early separation scheme in its Jamshedpur plant in Jharkhand to downsize the workforce, officials said Wednesday.
Employees above 50 years of age are eligible to apply for ESS. Under the scheme, an employee opting for ESS will get a consolidated amount as per the salary structure and be entitled to get pension benefits.
Tata Steel media cell head Prabhat Sharma, when contacted, told IANS that the move was routine affair. 'It is a routine affair. Every year we introduce ESS,' Sharma said.
However, sources close to the company management said the global economic slowdown had prompted the steel major to take such a decision as part of its cost-cutting measures.
At present, Tata Steel has 34,000 employees in the plant. Under the ESS, the company is planning to relieve around 2,100 employees.
Meanwhile, the company Tuesday announced that its consolidated net profit had gone up 213 percent to Rs.47.72 billion in the quarter ended Sep 30 this fiscal.
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