Employees would receive a minimum of £12,500 and none would be made redundant before September 2024, said Mr Nair.
Tata Steel will close both blast furnaces in Port Talbot this year, and will then begin building a £1.25bn electric arc furnace on the site.
The blast furnaces will close by September, with construction due to begin on the electric furnace in the summer of 2025.
The company has addressed staff directly following the failure to reach an agreement during talks with unions in London last week.
Members of the Unite union have already voted to strike over Tata Steel’s restructuring plans, which will lead to 2,800 job losses.
Two other unions, Community and GMB, are due to end their own ballots on Thursday.
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