Tata Steel introduces ‘Golden Future Plan 4.0’, employees can apply till Feb 21
PINAKI MAJUMDAR Jamshedpur, Feb 13: Tata Steel has launched the Golden Future Plan 4.0, also known as the ESS (Early Superannuation Scheme).…
PINAKI MAJUMDAR
Jamshedpur, Feb 13: Tata Steel has launched the Golden Future Plan 4.0, also known as the ESS (Early Superannuation Scheme). Notably, ESS is being continuously brought under the campaign to reduce the number of workforce.
The Golden Future Plan 4.0′ which was introduced on February 10 will remain effective for 11 days till February 21. The scheme is meant for employees under the unionized category.
Reintroduction of Scheme for Wider Participation
Under the scheme which was notified by Tata Steel’s VP (HRM) Atrayee Sanyal, the old scheme has been brought back so that more and more employees can take advantage of it.
The ESS scheme was earlier brought from January 1 to January 31 under which around 1500 employees opted for it in all the locations. The least number of employees were from the Jamshedpur plant, who opted for ESS.
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Around 400 employees opted for the scheme. But, for the purpose of bringing more employees under its fold, the scheme has been brought back to the Jamshedpur plant (including the Tubes Division).
Application Process and Financial Benefits
The circular stated that employees can submit their applications by February 21.
Employees taking advantage of this scheme will continue to get the last pay scale i.e. Basic and DA every month.
The scheme includes employees in the NS grade, in addition to the previous steel wage employees. It allows employees to receive benefits before retirement.
Eligibility and Final Separation Deadline
Employees who apply for an extension can separate from the company by March 31, 2025.
All employees who have taken advantage of the Golden Future Plan 4.0 (ESS) have to be separated prior to April 1, 2025.
Employees who have completed 10 years of service and are over 40 years old can apply for the scheme.
