Jet Airways to pay 25% salary to senior management
- A Monitor Report 22 Oct, 2018 | 3509 Views|-+
MUMBAI: Jet Airways, a struggling Indian carrier, will be giving out 25 per cent salary for September to its pilots, engineers, and senior management on the 25th. The airline has not disclosed when crews will receive the remaining 75 per cent.
Airline Chairman Naresh Goyal had a meeting with the president and vice president of the National Aviators Guild (NAG) at his residence in the city of Mumbai. They decided to give pilots, engineers, and senior management 25% of their salaries to minimize backlash.
Jet Airways has over 16,000 employees. It has been delaying payment to staff since August.
“We would like to inform you that the first tranche 25% of September salary will be remitted on the forthcoming week of October 25,” Jet Airways Chief People Officer Rahul Taneja said.
Even though there is a delay, Jet Airways promised to pay remaining salaries as soon as possible.
Jet Airways decided to hold salaries for two months September 6th in an effort to return to profitability.
Jet Airways has a history of financial ups and downs. In 2013, they sold 24% of their stakes to Etihad Airways. In the same year, they also had to slash prices to combat rising low-cost rivals such as Indigo and Spicejet ; Jet Airways was, however, still using passengers. Jet Airways’ market value dropped to ₹4.84 billion (US$67 million).