By Team Latestly

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New Delhi, October 8: Tata Consultancy Services (TCS) has reportedly initiated workforce restructuring that affects around 12,000 employees, mainly at mid and senior level executives. The company is offering a tiered severance package, with a minimum of six months’ pay, as part of the initiative. As per reports, the TCS has set a minimum severance payout of six months for laid off employees, while long-serving staff may receive up to two years’ pay. The development comes as TCS focuses to strengthen its capabilities in artificial intelligence (AI), data and cybersecurity. As part of the restructuring, TCS aims to optimise its workforce to align with emerging business needs and technology trends. The affected employees are primarily those whose roles are being phased out or cannot be transitioned into new areas. The tiered severance package will provide financial support during the transition period. Elon Musk’s xAI To Raise Nearly USD 20 Billion, Nvidia To Invest in Chip-Backed Funding Round. The severance package reportedly covers employees, including staff on the bench or lacking updated skills to long-serving employees with more than 15 years of service. TCS employees whose roles became redundant or who had not acquired skills aligned with the company’s evolving technology requirements were offered a three-month notice pay in addition to a severance package. UPI New Features: Indian Government Introduces New On-Device Biometric, PIN-Based and Aadhaar-Based Face Authentication; Check More Updates. As per a report of The Times of India, TCS has offered employees approaching retirement with the option of early retirement, allowing full access to retirement benefits and insurance. Additionally, they were provided an extra severance payout ranging from six months to two years’ salary, based on their tenure. Employees with longer service were granted substantial packages. As per reports, those serving 10 to 15 years received 1.5 years’ pay, and staff with over 15 years of tenure received two years’ pay as part of the severance.