On Thursday, Air India announced annual salary increments for its staff. The aviation company also introduced an annual target performance bonus for pilots, according to sources.
Tata Group took over the loss-making airline a little over two years ago. This is the first appraisal process after that big move.
Air India CHRO Ravindra Kumar GP on Thursday announced salary increments for employees. This will come into effect from April 1, 2024. While talking about the appraisals, CHRO Kumar said that in the last financial year, the company achieved key milestones of laying strong foundations for growth and transformation.
The company is in the process of revamping itself under a five-year transformation plan. Air India has about 18,000 employees.
For all employees, who joined before December 31, 2023, the company has rolled out annual appraisals. However, under the new Performance Management System (Rise.AI), the appraisals will be done.
The range of overall increment could not be immediately confirmed.
In 2023, only compensation and contract restructuring for legacy employees were done, said the sources.
In addition to the rise in fixed pay for FY 2023-24, the sources said Air India has introduced a component of yearly target performance bonuses for its pilots based on company and individual performance. This will be applicable from FY2024-25.