Tata Tele companies planning exit plan for 5000 employees
The Tata Group informed the Indian government that it plans to shut Tata Teleservices (TTSL), according to reports. TTSL is preparing an exit plan for around 5,000 employees, which includes notice period of three to six months, severance packages, and Voluntary Retirement Scheme schemes (VRS) for senior employees.
A small number of employees will get absorbed in other group companies, reports added.
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The closure of Tata Teleservices Limited (TTSL), the telecom unit of Tata Sons, will put thousands of its employees on the road. The Tata Group has informed the government that it plans to shut its wireless business, and will start the process in a month. There were 5,101 employees on its rolls as on March 31, 2017, as per the latest annual report.
Though TTSL is preparing an exit plan for most of its employees, which includes a notice of three to six months, severance packages for those willing to leave earlier, a voluntary retirement scheme for elders and transfer of a few to other group companies, placement firms will soon be flooded with CVs. Mass retrenchments—especially when the job market is down—make it harder for employees to find jobs.